Livingstone Health Holdings announced that its wholly-owned subsidiary, Cove Sports & Reconstruction (CSR), has entered into a tenancy agreement with VS Investment Holdings to lease a unit in Mount Elizabeth Medical Centre for a term of about 25 months.
The 552 sq ft floor area premise is owned by VS, which is 90% owned by Dr Ng Yung Chuan, Sean and 10% owned by Dr Lim Pang Yen Rachel. Dr Sean Ng is the brother of Mr Dax Ng Yung Sern, Livingstone’s executive director and chief commercial officer.
In view of the foregoing, VS would be considered an “interest person”.
The estimated rental fees of the premise payable during the duration of the lease are approximately $504,067, translating to about $20,320 a month, which represents 50% of the latest audited net tangible assets (NTA) of the group. The group’s latest audited NTA as of Mar 31 was about $1.0 million.
The lease is for a period not exceeding three years. The premise will be used to operate Cove Orthopaedic Clinic under CSR.
Shares in Livingstone closed at 2.9 cents on Oct 4, down 51.7% Ytd.
