Tony Tan Choon Keat, Beng Teck Liang and Wong Seng Weng (Offerors) made an offer to acquire the remaining 83.5% stake in Singapore Medical Group Limited (Catalist:5OT) for approximately SGD 150 million on September 13, 2022. The consideration for each Offer Share shall, at the option of each accepting shareholder of Singapore Medical Group be: (a) SGD 0.37 in cash for each Offer Share; or (b) 1 new share to be issued by the newly created investment holding company (TLW Success Pte. Ltd.) for each Offer Share. As of November 2, 2022, deal terms are revised, as per which, Offerors made an offer to acquire the remaining 83.5% stake in Singapore Medical Group Limited (Catalist:5OT) for approximately SGD 160 million. Under the revised offer, the final cash consideration is SGD 0.40. The issue price for TLW Success's share is also equivalent to the cash consideration.

The Offeror has received irrevocable undertakings from Shareholders (including the Promoters) holding approximately 51.67% of the Shares to accept the option of the Share Alternative in the Offer. The Offer is made through an investment holding vehicle equally-owned by Singapore Medical Group's Non-Executive Chairman, Tony Tan Choon Keat, Executive Director and Chief Executive Officer, Beng Teck Liang and Executive Director, Wong Seng Weng. The Offer is conditional upon the Offeror and parties acting in concert with it holding more than 90% of the total number of Shares, excluding Shares held in treasury, as at the close of the Offer and does not intend to preserve the listing status of the Company. The transaction is expected to close on November 15, 2022. As on November 23, 2022, expected completion date has been extended to December 5, 2022. As on November 28, 2022, expected completion date has been extended to December 19, 2022. Ernst & Young Corporate Finance Pte Ltd acted as financial advisor to buyers. Shook Lin & Bok LLP acted as legal advisor and ZICO Capital Pte. Ltd. acted as financial advisor to Singapore Medical Group Limited.

Tony Tan Choon Keat, Beng Teck Liang and Wong Seng Weng completed the acquisition of Singapore Medical Group Limited (Catalist:5OT) on December 19, 2022. The compulsory acquisition initiated on closing was completed on January 19, 2023.