Mary Chia Holdings enters non-binding deal to acquire stake in telemedicine player

Singapore five-dollar note Photo by Leslie Shaffer

Mary Chia Holdings has entered a non-binding memorandum of understanding (MOU) to acquire an around 5 percent stake in telemedicine player Mobile-Health Network Solutions (MHNS), the Singapore-based skincare and weight-loss retailer said in a filing to SGX Thursday.

Cayman Islands-registered MHNS holds the MaNaDr brand via a subsidiary, the filing said.

Mary Chia said MHNS’s main business is telemedicine, conducted via subsidiaries, offering teleconsulting, sale of medicine and healthcare products within an online healthcare platform, which currently has a pool of around 600 clinics and around 1,000 general practitioners and specialists in Singapore.

“It is envisaged that the company and MHNS will explore synergistic business opportunities available to improve the prospects and provide new revenue streams for both companies,” Mary Chia Holdings said in the statement.

The MOU will be the basis for preparing a definitive agreement, but there is no assurance or certainty a deal will be completed, the filing said.