Settlement Agreement with Two Shareholders/Directors of Fullerton Health; Paves Way for Completion of Merger Involving S$350 Million Cash Injection
Singapore, 19 July 2022 – Fullerton Healthcare Corporation Limited (“Fullerton Health” or the “Company”) is pleased to announce that it has reached a definitive settlement agreement (“Settlement Agreement”) with Dr Michael Tan and Dr Daniel Chan. As per the Settlement Agreement, the two shareholders/directors have withdrawn a petition filed in January 2022 with the Grand Courts of Cayman Islands to wind up the Company.
The amicable settlement will pave the way for Fullerton Health to complete a merger proposed by private equity fund RRJ Capital. The merger, approved by 85.8% of shareholders on 5 May 2022, involves a cash injection of S$350 million by RRJ Capital and a loan arrangement, as well as a new corporate structure. The merger is expected to be completed in the coming weeks.
Upon completion of the merger, Dr Michael Tan and Dr Daniel Chan will also step down from Fullerton Health’s nine-member Board of Directors (“the “Board”), and all executive and non-executive positions in Fullerton Health and its related companies across all countries.
“With the amicable settlement, Fullerton Health can embark on a new chapter of growth, with a stronger balance sheet and a new corporate structure to pursue post-pandemic growth opportunities. On behalf of my fellow directors, I wish to convey my appreciation to the two founding directors for their contributions since inception, in particular, growing the business from a Singapore-based company to a regional healthcare service provider,” said Mr Michael Lim, Chairman of the Board.
“Since founding Fullerton Health in 2010, we are proud to have grown the Company from just 11 clinics in Singapore to more than 500 clinics in eight countries and serving more than three million people. This visionary journey has been one of grace and assiduousness. We want to thank the numerous companies, individuals and financial investors who trusted us. We hope that the Company continues to make a difference in Asian Healthcare,” Dr Michael Tan and Dr Daniel Chan said in a joint statement.