Econ Healthcare founder Mr Ong Chu Poh purchases shares from EQT Greater China

• Mr Ong Chu Poh, founder of Econ Healthcare, has purchased EQT Greater China II’s 49% stake in Econ Healthcare, a leading elderly care service provider in Singapore, and assumes 100% ownership

• Econ Healthcare is now embarking on its next phase of growth through a stronger Singaporean core and Asia Pacific focus

• During Mr Ong Chu Poh’s and EQT Greater China II’s ownership, Econ Healthcare has expanded overall bed capacity and opened an additional nursing home in Malaysia

Mr Ong Chu Poh, and EQT Greater China II (“EQT Greater China”), together with its co-investors, successfully privatized and delisted Econ Healthcare from the Singapore Exchange’s Catalist Board in June 2012. During EQT Greater China’s investment period, Econ Healthcare has expanded its operations in Malaysia via the addition of a new nursing home in Taman Perling. The Company has also maintained its leadership position in Singapore with stable topline growth and being a regular winner at the annual Asia Pacific Eldercare Innovation Awards.

EQT Greater China, together with its co-investors, have sold their combined 49% stake in Econ EQT Investment Pte. Ltd., parent company of Econ Healthcare Pte. Ltd. (“Econ Healthcare” or the “Company”) to Mr. Ong Chu Poh, founder of Econ Healthcare. Prior to this transaction, Mr Ong owned the remaining 51% stake in the Company.

Econ Healthcare is one of the largest elderly care service providers in the region, operating nine medicare centres and nursing homes in Singapore and two in Malaysia. The Company also owns and manages a hospital, a chain of health and wellness centres (under the ECONLIFE! Hub brand), and a care skill training centre. Econ Healthcare provides professional care services related to Traditional Chinese Medicine, home care, ambulance services, physiotherapy and rehabilitation.

Mr. Ong Chu Poh, founder of Econ Healthcare, said: “Econ Healthcare appreciates the opportunity to collaborate with EQT during the past four years. The journey together has given us the exposure in working with one of Europe’s leading global private equity groups.”

Mr. Tak Wai CHUNG, Partner at Investment Advisor EQT Partners, said: “We are grateful for the founder Mr. Ong’s leadership, who has been a critical driving force behind the success of Econ Healthcare. Econ Healthcare has continued to grow and capture exciting market opportunities, while maintaining high standards of quality care for residents at its nursing homes.”

The transaction was signed and closed on 20 July 2016. The parties have agreed to not disclose the terms of the transaction.


About Econ Healthcare
Econ Healthcare is one of the largest elderly care service providers in the region, operating nine medicare centres and nursing homes in Singapore and two in Malaysia. The Company also owns and manages a hospital, a chain of health and wellness centres (under the ECONLIFE! Hub brand), and a care skill training centre. Econ Healthcare provides professional care services related to Traditional Chinese Medicine, home care, ambulance services, physiotherapy and rehabilitation.

Contact:
Mr Ong Chu Poh, Group Executive Chairman, Econ Healthcare +65 6447 8788 (for media contact in Singapore, Malaysia and China)

For further information, please visit www.econhealthcare.com

About EQT
EQT is a leading global private equity group in Europe with approximately EUR 30 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

Contact:
Tak Wai CHUNG, Partner at EQT Partners, Investment Advisor to EQT Greater China II +65 6595 1834 (for media contact outside of Singapore, Malaysia and China)

For further information, please visit www.eqtpartners.com