Concord International Hospital Divested At A Loss
SINGAPORE – Concord International Hospital (CIH) in 19 Adam Road has changed hands but the new owner was not disclosed, reported LaingBuisson on Tuesday (5 January).
This is after Concord Medical Services Holdings divested a 90 percent stake in Concord Healthcare Singapore, which owns and operates the Singapore hospital, for S$52.2 million.
Notably, Concord Medical Services Holdings runs the biggest network of radiotherapy and diagnostic imaging centres in China.
“Our divestment of CIH allows Concord Medical fully to concentrate on our efforts to build comprehensive cancer hospitals in China,” said the company’s Chairman and CEO Jianyu Yang.
Previously, Concord Medical Services Holdings acquired the property, which was formerly known as the Fortis Surgical Hospital, for S$55 million in March 2015.
CIH has been facing issues as it was ordered by the authorities to halt its healthcare operations after inspections carried out by the Ministry of Health (MOH) last month showed that its services were below standard.
“Multiple life-saving equipment and medications were either not maintained or not available in critical areas of the hospital such as the intensive care unit and the operating theatre,” explained the government agency.