SMG to set up tertiary hospital in Mongolia

SINGAPORE - SINGAPORE Medical Group (SMG) has announced its intention to establish a joint venture for a multi-disciplinary tertiary hospital in Ulaanbaatar, Mongolia with Chono Corporation.

The SGX-listed healthcare services company signed a Memorandum of Understanding (MoU) with Chono Corporation yesterday. Chono is a private investment holding company incorporated in Mongolia which manages portfolios in several areas, including international trade, hospitality services, investment banking and fund management. Under the MoU, SMG will hold a 75 per cent stake in the joint venture, while Chono will hold the remaining 25 per cent stake. Three of the five directors on the Board of Directors of the joint venture company will be from SMG, while the remaining two directors will be from Chono.

The MoU aims to establish a flagship multi-disciplinary tertiary hospital in Ulaanbaatar. About 15 satellite family medicine clinics and mini-hospitals will be set up around the city and country after the flagship hospital is established.

SMG currently has 18 operating subsidiaries and partners in Singapore and overseas.

Dr Jadamba Tsolmon, Mongolian Vice-Minister of Health said, "Mongolia is in need of a good tertiary hospital and Singapore medicine is highly regarded internationally. Each year, Mongolians spend a lot of money seeking medical treatments overseas. Singapore Medical Group's interest in Mongolia is in line with the Mongolian Government's plan for the development of the healthcare sector. Teaming up with Singapore Medical Group will help elevate the standard and profile of Mongolian healthcare."

Mr Enkhboldsodon Tumurkhuyag, President of Chono added, "It is our opinion that Singapore Medical Group is a fundamentally sound healthcare provider and is a well-run healthcare group in Singapore... Mongolia is fast changing and as you know with change brings much opportunity and also an ever increasing demand for better healthcare."

Mr Felix Huang, Executive Chairman of SMG said, "We are extremely excited to work with Chono Corporation to establish a world-class tertiary multi-disciplinary facility in Ulaanbaatar, and we aim to offer the best standards of quality healthcare services to Mongolians.

"A Pan-Asian presence will open up a large potential market as Asians increase their awareness of the pivotal importance of good preventive and curative healthcare. We believe that this strategy will be instrumental to making our international footprint in Pan-Asia, which is the next phase of growth for the Group. Our entry into Mongolia is testament to the robust pace with which we aim to expand within the Pan-Asian region," added Mr Huang.


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