Livingstone has successfully completed its strategic review under the leadership of CEO Wilson Tay and the senior management. This review follows the completion of its reverse takeover (RTO) of previously Citicode; commencement of trading of its shares on SGX’s Catalist Board; and the change of financial year ended Mar 31, 2021 for FY2021, which will cover a period of 15 months from Jan 1, 2020 to Mar 31, 2021.
To recap, Citicode, also previously known as Advance SCT, was in the business of mechanical and electrical (M&E) engineering for smart cities, but due to Covid-19 disruptions and the long gestation periods associated with the M&E projects, as well as supply chain disruptions, then chairman and CEO of Citicode Teh Wing Kwan decided to pivot away from the M&E business and forge towards a new path – healthcare.
With that, it teamed up with Livingstone for an RTO deal. Livingstone, previously Ardmore Medical Group, had also plans to IPO but the plans were shelved due to “unfavourable circumstances”.
The RTO involved saw a 500-1 share consolidation, reducing the number of issued share of Citicode from 41.3 billion shares to 82.6 million shares; and the issue of 225.0 million new post-consolidation shares to 20 cents each to the vendors.
Hence, the company’s issued shares have increased to 315.9 million currently.
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Today, Livingstone has successfully completed its transformation and it has been two months since it listed. It operates 12 clinics and one medical spa, with a total strength of 16 doctors, supported by a staff of 57.
Apart from running clinics, Livingstone is also in the business of the design and project management of medical institutions. This is the only part of Citicode’s business that has been kept, while the rest were divested. Staff from Citicode have been retained to lead this segment under Livingstone.
Under this segment, the group was engaged to provide aesthetic and wellness services, as well as project consultancy for Olympia Medical Hub in Phnom Penh, Cambodia.
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To further grow this segment, the group has on Apr 13 signed a memorandum of understanding (MOU) with Hong-Kong-listed China Machinery Engineering Corporation and CPG Consultants to establish a strategic working relationship in evaluating project collaboration opportunities in integrated healthcare infrastructure projects, specifically in the Southeast Asian and South Asia region.
On the outlook, Livingstone plans to double its team of doctors and primary healthcare footprint in the next three years and plans to expand its current suite of offerings, especially its family clinics that according to Dax Ng Livingstone’s chief business officer, has seen an increase in footfall.
“Without sharing too much at this point, all I can say is that the first three months of this year has had m-o-m increases. From a topline growth perspective, we are growing and we want to grow confidently as well,” says Ng in a media briefing on Apr 13.
Tay notes that the group grows in the form of a multidisciplinary healthcare group. There is synergy between its healthcare disciplines from the primary to tertiary segments. “In terms of continuity of care from the primary segment to tertiary segment, we will care for the patient throughout,” says Tay.
