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Serious Medical Business First Casualty - SGX Listed Healthway Group - Run Out of $$$

Pinkieslut

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No docs at 7 family clinics of troubled Healthway group

The turmoil at private clinic operator Healthway Medical Corp (HMC) is coming to a head.


Not only has the Singapore Exchange (SGX) directed HMC to go back to shareholders to get their approval before drawing down on a controversial loan, but the firm's clinics also appear to be falling into disarray.

Checks by The Straits Times showed that no doctors turned up for work at seven of its family clinics yesterday. According to the clinics' receptionists, this was because certain anchor doctors fell ill and no locum doctors could be found to take their place.

At Healthway's Holland Drive clinic, a receptionist said over the phone that no doctor would be on duty this week, until the anchor doctor comes back next Tuesday.

The Holland Avenue branch is closed till tomorrow evening, as both regular doctors are on medical leave. A woman who picked up the phone at its Serangoon clinic said the clinic would be open till midnight, "but there is no doctor. We tried to find a relief doctor since last week, but there was no one".

In a weekend announcement, HMC disclosed that it had not paid the salaries of its doctors and senior management, amounting to $3.9 million, for last month.

The company had started to fall behind on payments even earlier, claimed a doctor who works for the group. The doctor, who declined to be named, said: "Doctors don't live hand to mouth. If they fold, they fold. I can work somewhere else."

Asked how it was handling the situation, HMC said: "We have, and manage, over 120 full-time doctors... Locums are in short supply due to the school holidays. On the other hand, our specialist and dentist clinics were relatively crowded today."

HMC, one of Singapore's largest private clinic operators with close to 50 family clinics, is in a liquidity crunch after losing millions of dollars in questionable loans to two entities. The SGX has called for an independent review of these loans.

HMC had a cash balance of just $527,000 at the end of last year against trade and other payables of $27.7 million. It needs $10.7 million to settle overdue payroll and debt obligations by March 31.

HMC also has some egg on its face now after an onerous $70 million convertible bond deal it inked in January with a fund called Gateway raised SGX's eyebrows and an outcry from minority shareholders.

The bonds would be secured on the shares of all HMC group companies, meaning a default would result in a loss of HMC's entire core business. Gateway would also be transferred a controlling interest in HMC as part of the bond issuance. One day before the notes were set to be issued, SGX made a rare move to step in. It told HMC the issuance must be put to a shareholder vote in compliance with Catalist listing rules.

HMC added in the weekend update that it has re-entered discussions with Gateway to consider alternative proposals.

Gateway told The Straits Times: "Any new proposal will take into account the issues raised by SGX.

"Given the very weak financial health of the company, no responsible lender would give money without tight controls on the company and on how the money was used."

If a shareholder meeting is held to vote on the Gateway deal, it is not certain how the votes will swing.

Healthcare assets in ageing Singapore never fail to draw keen interest from investors, and Indonesian conglomerate Lippo, controlled by the Riady family, has made a rival offer to take over HMC. Lippo had accumulated a 20.53 per cent stake in HMC as of yesterday.

HMC's next largest shareholder is former long-time executive chairman Fan Kow Hin, with a 17 per cent stake. Mr Fan filed a bankruptcy application last week with stated debts of $166.6 million. He is said to favour Gateway.

*********************

Who is Mr Fan?

Mr. Kow Hin Fan served as the Chief Executive Officer of UniG Pte Ltd. from 2000 to 2002. From 1991 to 2000, Mr. Fan had been with DBS Land Ltd., where he had been responsible for business development and asset management in the areas of real estate, hospitality and healthcare and served as its General Manager since 1995. He has been an Executive Chairman of the Board of UH Minority Associates since 2005. Mr. Fan served as the Executive Chairman of the Board at Healthway Medical Corporation Limited since May 16, 2007 until May 05, 2015 and was responsible for providing strategic direction to it. He serves as the Chairman of the Board at Rockeby Biomed Ltd., and has been its Director since June 26, 2009. He has been an Executive Director of Universal Gateway International Pte Ltd., since 2003. He was a member of the BBS Land Executive Committee from 1996 to 2000. He served as a Director of UniG Pte Ltd. from 2000 to 2002. He served as a Director of Australand Limited. He served as a Member of Executive Committee of Yeo Hiap Seng Ltd. He was a Member of the DBS Land Executive Committee from 1996 to 2000. Mr. Fan has a Bachelor of Commerce & Administration from the University of Wellington, New Zealand, and attended the INSEAD Executive Program in 1983. Mr. Fan is a Qualified Chartered Accountant with the New Zealand Institute of Chartered Accountants, a Qualified Chartered Secretary with the Institute of Chartered Secretaries and Administrators (UK) and a non-practicing Certified Public Accountant with the Institute of Certified Public Accountants of Singapore.
 

Victory2016

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Dragging down the bottom line was a $15 million allowance HMC took last year for loans extended to Healthway Medical Enterprises (HME), a specialist clinic incubator.

HMC was also forced to take a $21.6 million allowance for loans extended to a certain unrelated "Party B" that HMC declined to name until yesterday.

Party B is Wei Yi Shi Ye, a China-incorporated medical centre owner, with which HMC has a management contract.

A Straits Times search on China's company registration website found a firm called Shanghai Wei Yi Shi Ye. As of 2014, Chinese national Yang Zheng was its sole shareholder. Its sole executive director was Ms Jamie Fan Wei Zhi, the daughter of HMC co-founder and former executive chairman Fan Kow Hin.

http://www.straitstimes.com/business/healthway-medical-faces-heat-over-contentious-loans

Can this be a CPIB case?
 

nayr69sg

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Dragging down the bottom line was a $15 million allowance HMC took last year for loans extended to Healthway Medical Enterprises (HME), a specialist clinic incubator.

HMC was also forced to take a $21.6 million allowance for loans extended to a certain unrelated "Party B" that HMC declined to name until yesterday.

Party B is Wei Yi Shi Ye, a China-incorporated medical centre owner, with which HMC has a management contract.

A Straits Times search on China's company registration website found a firm called Shanghai Wei Yi Shi Ye. As of 2014, Chinese national Yang Zheng was its sole shareholder. Its sole executive director was Ms Jamie Fan Wei Zhi, the daughter of HMC co-founder and former executive chairman Fan Kow Hin.

http://www.straitstimes.com/business/healthway-medical-faces-heat-over-contentious-loans

Can this be a CPIB case?
It is interesting with all these allowances. And then Fan Kow Hin himself files for bankruptcy.
 

Pinkieslut

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What animal face does he have?

fankowhim_12.13.jpg

Face of Mr Fan
 

Pinkieslut

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Back in late 90s Dot-com Era:

Major Property Industry Players Form Joint Venture For E-Businesses


City Developments Limited (CDL) and Far East Organization (FEO) intend to collaborate through a joint venture company, to be known as UniG Pte Ltd, to invest in e-commerce and m-commerce businesses and internet infrastructure. In this connection, CDL through its subsidiary Cliffmont Pte Ltd and FEO (through three listed entities within the FEO stable of companies namely Sino Land Company Limited, Yeo Hiap Seng Limited and Orchard Parade Holdings Limited) have today entered into a Memorandum of Understanding to record their intention.

UniG, whose name stands for "Universal Gateway to e-real estate", will leverage on real estate domain knowledge and assets to maximise the e-business potential. UniG will have an authorised capital of S$150 million (US$85 million). CDL and FEO (through the three listed entities mentioned above) will each have a 40% stake in UniG. A leading financial institution is expected to take up a 15% stake and the management of UniG will take up the balance 5% stake.

Together these two leading developers hold the biggest property portfolio in Singapore and have access to a global customer base. UniG will seek to team up with other real estate industry players in specific e-commerce businesses to broaden collaboration and harness the large collective customer base, asset base and buying power. UniG believes that industry-led internet business models in real estate offer tremendous opportunities for participants to enhance their efficiencies and create additional values for their existing businesses. As the initial focus, UniG will explore opportunities in business-to-business e-commerce and internet infrastructure that have significant industry content. UniG intends to expand to web channels that tap the large captive audiences in office buildings, industrial properties, residential homes and shopping centres.

In a few weeks, UniG plans to launch a construction portal that will involve a number of leading players in the real estate and construction industry.

Mr Kwek Leng Joo, Managing Director of CDL, and Mr Philip Ng, Chief Executive Officer of FEO, will be co-chairmen of UniG to lend their vast experience and partnerships brought by their two leading real estate organizations. The CEO of UniG will be Mr Fan Kow Hin, who was the General Manager and Executive Committee member of DBS Land. He was director of various public-listed companies including Raffles Holdings, The Ascott, Parkway Holdings, in Singapore; Australand in Australia; and United Malayan Land in Malaysia. Mr Fan was also director of various companies in Singapore, China, Hong Kong, Malaysia, Thailand, and Indonesia within the DBS Land group. In the last eight years, Mr Fan has been focusing on strategic transformation, and growth through business alliances, market expansion and new businesses.

Mr Kwek Leng Joo said "We see UniG as an exciting venture that provides an unprecedented platform for us to combine our Group's resources and diverse customer base with fellow industry players in and outside Singapore to go into internet business in a big way. We are confident that UniG will become a major player in the real estate internet space which creates value for everyone - developers, contractors, suppliers, service providers, public bodies and most importantly, users and customers."

Mr Philip Ng said, "We are in the throes of a worldwide revolution in business and how business is being done. No business or industry can afford to be left behind, and real estate, which is a mainstay of Asian economies is ripe for transformation. I foresee great value being created as all of us in real estate and construction work together to make ourselves e-relevant."

Mr Fan Kow Hin added, "This is the first time that big players in an industry in Singapore with international reach have come together in the internet space to find new opportunities in the new economy. The growth prospects are enormous."

UniG's new office will be at 1 Shenton Way, #01-01. The company has engaged a team of professionals with diverse expertise and experience in various fields. Among them are Mr Andrew Aathar who was Director (Residential Trading) of DBS Realty, a subsidiary of DBS Land and Mr Koo Shuang Yuan, who was Senior Manager (Property Fund and Investment) of DBS Land. UniG is actively recruiting more talent to complement its management team to bring in knowledge, creative ideas and partnerships and to execute its e-businesses.
 

Pinkieslut

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2013

SINGAPORE - None of the three founders of Healthway Medical Corporation (HMC) are medically-trained - yet they are behind the company that operates Singapore's largest network of private medical centres and clinics.

Mr Fan Kow Hin, Mr Andrew Aathar and Dr Jong Hee Sen bought over HMC from a British medical insurance company in 2005.

Mr Fan and Mr Aathar were previously colleagues at DBS Land - the predecessor of today's Capita- Land - specialising in real estate and healthcare investments. Dr Jong used to work for the Government Investment Corporation of Singapore where he was responsible for real estate investments and fund management in Asia.

HMC was then known as Healthway Medical Group, operating 26 general practitioner (GP) clinics here.

Today, the group runs more than 100 medical centres in Singapore - including family clinics, specialist centres, dental clinics and wellness and aesthetics clinics.

HMC, which is listed on Singapore Exchange's second board Catalist, also operates a chain of medical centres in Shanghai, China.

The partners continue to see vast business opportunities in the health-care industry, said Dr Jong, who has a PhD in business from the University of Michigan.

"But it's also a sector that touches lives very directly," added the 53-year-old.

"As medical entrepreneurs, we want to think about the business angle...the best way to bring affordable services and best medical practices to patients, by combining both the medical and business perspectives," said Mr Aathar, 48.

Mr Fan, 57, added that doctors also have a role to play as management staff.

"It's a team effort - this is an organisation where doctors play a role in both the day to day business operations as well as frontline medical work," he said.

The trio has spun off the company's in-patient medical services arm International Healthway Corporation (IHC), which operates hospitals and nursing homes, into a separate entity.

IHC owns and manages health-care-related assets in Malaysia, China and Japan such as hospitals and mixed-use developments. It listed on Catalist today, with HMC retaining a 7.9 per cent stake.

Meanwhile, the three founders are focused on expanding the reach of HMC's outpatient medical business into HDB estates by bringing in specialist doctors - such as paediatricians and psychiatrists.

"There is room to move deeper into the heartland... there are many new estates in Singapore, and there's lots of room for us to be there," he added.
 

Pinkieslut

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Review on Glassdoor (all too familiar with local healthcare groups including Parkway and RMG):

Pros
Amicable and friendly colleagues
Good environment
Accessible office

Cons
Messy management -- wrong people at wrong position (unable to perform)
Manager only cares about pleasing bosses and ignore staff's feelings
Expect things to be done "ïmmediately" or "by tomorrow", even during weekends
Staff work-overload and burnt out evident
Revenue driven, not patient-oriented, therefore unsustainable
Insignificant increment of 2-3% annually

Advice to Management
Listen to ground staff for feed backs, they face patients more than you do.
Take care of your people, besides focusing on $$$
Severe lack of manpower due to high turn-over...reflect why?
 

nayr69sg

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I would say the Glassdoor review is spot on.

yes this company only care about revenue. Not patient oriented at all. $$$$$
 

iluvgst

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Review on Glassdoor (all too familiar with local healthcare groups including Parkway and RMG):

Pros
Amicable and friendly colleagues
Good environment
Accessible office

Cons
Messy management -- wrong people at wrong position (unable to perform)
Manager only cares about pleasing bosses and ignore staff's feelings
Expect things to be done "ïmmediately" or "by tomorrow", even during weekends
Staff work-overload and burnt out evident
Revenue driven, not patient-oriented, therefore unsustainable
Insignificant increment of 2-3% annually

Advice to Management
Listen to ground staff for feed backs, they face patients more than you do.
Take care of your people, besides focusing on $$$
Severe lack of manpower due to high turn-over...reflect why?

the problem with listed healthcare companies is growing the top and bottom line for shareholders. patients and staff don't come first lah.
 

Pinkieslut

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the problem with listed healthcare companies is growing the top and bottom line for shareholders. patients and staff don't come first lah.

The problem with local listed companies is they are all run at board level by the gang and their kakis.

Just go google about Razer which announced yet another crony on their board (an "undead" who sits on boards of multiples GLCs and SMEs, Geeze what does some old man knows about "innovation"? Don't tell me that he is hired by his knowledge in corporate governance when the most of SGX companies are a joke in that domain).

http://www.marketwired.com/press-release/koh-boon-hwee-joins-razer-board-of-directors-2003088.htm

In US board directors are expected to be highly involved in the company diretction. Over here it's more like a rubber stamp committee of undead collecting coffin monies or building their retirement nests.
 

nayr69sg

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The problem with local listed companies is they are all run at board level by the gang and their kakis.

Just go google about Razer which announced yet another crony on their board (an "undead" who sits on boards of multiples GLCs and SMEs, Geeze what does some old man knows about "innovation"? Don't tell me that he is hired by his knowledge in corporate governance when the most of SGX companies are a joke in that domain).

http://www.marketwired.com/press-release/koh-boon-hwee-joins-razer-board-of-directors-2003088.htm

In US board directors are expected to be highly involved in the company diretction. Over here it's more like a rubber stamp committee of undead collecting coffin monies or building their retirement nests.

It is because Temasick got involved with Razer. Once Temasick gets involved it is the beginning of the end for the company.
 

Pinkieslut

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It is because Temasick got involved with Razer. Once Temasick gets involved it is the beginning of the end for the company.

Those who follow digitrends on social media knows that Razer is now pushing many gimmicky products.

I never quite understand them going to "specialised" gaming PCs. Many hardcore gamers (the market they play in) are quite techie and often build their own machines (or custom built from very local mom&pop stores).
 

mojito

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Those who follow digitrends on social media knows that Razer is now pushing many gimmicky products.

I never quite understand them going to "specialised" gaming PCs. Many hardcore gamers (the market they play in) are quite techie and often build their own machines (or custom built from very local mom&pop stores).

No imagination! Of course expand product line is to anticipate business from more casual gamers lah. What's wrong with making more money? :confused:
 

jw5

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No imagination! Of course expand product line is to anticipate business from more casual gamers lah. What's wrong with making more money? :confused:

It's "What's wrong with collecting more money?", you moron! :rolleyes::biggrin:
 
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