SMG to establish a multi-disciplinary tertiary hospital in Mongolia
SINGAPORE - Singapore Medical Group Limited (SMG) today announced the intention to establish a joint venture for a flagship multi-disciplinary tertiary hospital in Ulaanbaatar, Mongolia, with Chono Corporation.
In addition, under the Memorandum of Understanding (MOU) signed, about 15 satellite family medicine clinics and mini-hospitals will be set up around the city and country after the Ulaanbaatar flagship tertiary hospital has been established.
SMG, which provides specialist and general practitioner healthcare services, will hold a 75 per cent stake in the joint venture while Chono will hold the remaining 25 per cent stake.
In its media statement, SMG said it might be inviting other investors to join in the investment.
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."
Mr Enkhboldsodon Tumurkhuyag, President of Chono from Ulaanbaatar, Mongolia added: "It is our opinion that Singapore Medical Group is a fundamentally sound healthcare provider and is a well-run healthcare group in Singapore. The Singapore brand of medicine is in itself highly regarded in Mongolia and we believe that any Singapore healthcare company, especially a public listed one in the Singapore Stock Exchange, is admirable. We can learn much from Singapore Medical Group, especially when many of my own countrymen seek medical treatment in Singapore.
"When this opportunity came up to bring what I consider world-class healthcare into Mongolia, I did not hesitate. Mongolia is fast changing and, as you know, with change brings much opportunity and also an ever increasing demand for better healthcare. I look forward to a successful future with Singapore Medical Group when we finally build our first 50-bed tertiary hospital here."
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 Ivan Yeo, Regional Director, North Asia & Pacific Group, International Enterprise Singapore, said: "Mongolia is emerging as one of Asia's premier frontier markets, due to its larger mining reserves. Singapore's interest in the market is to provide our expertise to support the mining-related industries and leverage on the strong demand of goods and services, such as quality healthcare services. Singapore Medical Group's foray into the healthcare sector can encourage our companies to also consider Mongolia as a potential market."
In addition, under the Memorandum of Understanding (MOU) signed, about 15 satellite family medicine clinics and mini-hospitals will be set up around the city and country after the Ulaanbaatar flagship tertiary hospital has been established.
SMG, which provides specialist and general practitioner healthcare services, will hold a 75 per cent stake in the joint venture while Chono will hold the remaining 25 per cent stake.
In its media statement, SMG said it might be inviting other investors to join in the investment.
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."
Mr Enkhboldsodon Tumurkhuyag, President of Chono from Ulaanbaatar, Mongolia added: "It is our opinion that Singapore Medical Group is a fundamentally sound healthcare provider and is a well-run healthcare group in Singapore. The Singapore brand of medicine is in itself highly regarded in Mongolia and we believe that any Singapore healthcare company, especially a public listed one in the Singapore Stock Exchange, is admirable. We can learn much from Singapore Medical Group, especially when many of my own countrymen seek medical treatment in Singapore.
"When this opportunity came up to bring what I consider world-class healthcare into Mongolia, I did not hesitate. Mongolia is fast changing and, as you know, with change brings much opportunity and also an ever increasing demand for better healthcare. I look forward to a successful future with Singapore Medical Group when we finally build our first 50-bed tertiary hospital here."
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 Ivan Yeo, Regional Director, North Asia & Pacific Group, International Enterprise Singapore, said: "Mongolia is emerging as one of Asia's premier frontier markets, due to its larger mining reserves. Singapore's interest in the market is to provide our expertise to support the mining-related industries and leverage on the strong demand of goods and services, such as quality healthcare services. Singapore Medical Group's foray into the healthcare sector can encourage our companies to also consider Mongolia as a potential market."
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