The two subsidiaries are GMH Endoscopy & Surgery and HC Ming, while the former associate is Medistar Services.

HC Surgical Specialists (HCSS) has completed the acquisition of remaining 49% equity interest in GMH Endoscopy & Surgery, remaining 20% equity interest in HC Ming, and additional 45% equity interest in Medistar Services. 

These acquisitions all happened during the six month financial period ended Nov 30, 2024. 

On Sept 3, 2024, HCSS acquired the remaining 49% of the total issued and paid-up share capital of its subsidiary, GMH Endoscopy & Surgery for a cash consideration of $636,000.

Based on the audited accounts of GMH as at 31 May 2024, the net asset value of the shares acquired was negative $66,000.

On Oct 30, 2024, HCSS acquired the remaining 20% of the total issued and paid-up share capital of its subsidiary, HC (Ming) for a cash consideration of $2. 

Based on the audited accounts of HCMC as at May 31, 2024, the net asset value of the shares acquired was negative $55,000.

HCSS also acquired an additional 45% of the total issued and paid up share capital of Medistar Services on Sept 16, 2024, the company’s former associate, in connection with the exercise of the forward purchase contract. 

The cash consideration for the additional acquisition amounted to approximately $89,000. Following the acquisition, MDS became a 70% owned subsidiary of HCSS.

Based on the audited accounts of MDS as at May 31, 2024, the net asset value of the shares acquired was $42,000. 

Units in HC Surgical Specialists closed flat at 29 cents on Jan 14.