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ZuluMalaysia: LYC Healthcare Bhd has completed the acquisitions of three dental clinics in the Klang Valley for a total of RM3.18mn (US$690,000). The three KL Dental clinics are now wholly owned by LYC’s subsidiary, LYC Dental Group Sdn Bhd.
In addition to acquiring the KL Dental-branded clinics, LYC also bought a medical aesthetic clinic and a beauty and wellness centre for RM4mn (US$860,000).
As part of the latter acquisitions, LYC Healthcare’s other subsidiary, LYC Beauty & Wellness Sdn Bhd, now owns a 100% stake in Tao Global Ventures Sdn Bhd
Expected increase in healthcare and wellness demand
According to David Sui Diong Hoe, LYC managing director and group chief executive officer, the new acquisitions were part of the company’s plans to expand its foothold in the healthcare and wellness industry.
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Rising affluence and a growing population, he believes, will fuel the demand for medical aesthetics and dental services in the locations in Kuala Lumpur, Malaysia’s capital city.
Proven track record
The previous dental owners of the three clinics will stay on as practice principals.
“The founding doctors will remain as shareholders and continue working in these clinics,” he adds, “which will align the interests in growing the businesses together.
“We will leverage on the doctors’ proven track record and capabilities as well as strong relationships built with patients in expanding our market footprint across new locations.
“Advancements in medical technologies and growing healthcare tourism present ample opportunities for us to capitalize on the attractive prospects ahead.”
According to LYC, the three clinics achieved an aggregate profit after tax of RM500,000 (US$107,852) for the 12-month financial period ended Dec 31, 2021.
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