|About two months ago, Metal Component Engineering (MCE) obtained shareholder approval at an EGM to diversify into digital healthcare.
GainHealth is vertically integrated with licenced clinics with pharmacy, online self-branded e-commerce portals, and product placements on regional e-commerce portals.
Picking up pace on its digital health path, MCE said today that its fully-owned subsidiary has signed a term sheet with PT Gaido Digital Medika (GDM) to invest IDR 7 billion (about S$660,000) in exchange for a 70% stake of GDM’s enlarged share capital.
The subsidiary of MCE is 5Digital.
GDM is a newly incorporated company with an initial paid up capital of IDR 3 billion. It has not commenced business.
It was recently set up by the Gaido Group as its digital health arm. The Gaido Group, founded by Muhammad Hasan Gaido, has a diversified portfolio of travel, retail, education, banking and real estate businesses.
Subject to satisfactory due diligence, the parties contemplate negotiating terms and conditions with a view to entering into the share purchase agreement by 30 October 2021.
Indonesia has a burgeoning online economy with digital health opportunities extending to its provinces, spurred by the pandemic.
5Digital’s team has assessed the opportunity and has identified smart hospital segments, said MCE.
5Digital is "in discussions with medical groups in Indonesia to provide consumers access to an integrated diagnostic, telemedicine, ePharmacy and remote monitoring platform."
|“Gaido Group and its founder have shown MCE specific opportunities in the West Java region for MCE’s smart hospital and ePharmacy segments, which allows MCE to go to market much faster than working alone as a Singapore company. With the immediate requirements for digital health to lessen the burden of the current pandemic and the longer term strong fundamentals for growth in an exciting and large market like Indonesia, MCE’s board of directors have approved management to explore this investment opportunity to enter into the Indonesian healthcare market.”
-- Chief Investment Officer for MCE, Ahillan Pupalasingam
About PT Gaido Digital Medika
PT Gaido Digital Medika was recently formed as a digital health investment company by Gaido Group, which is a business conglomerate engaged in hajj and umrah travel, finance, media, property, lifestyle, retail, transportation, and social activities. Its founder, Hasan Gaido has been President of Indonesia-Saudi Arabia Business Council (ISABC). The vision of the group is to increase job opportunities in Indonesia through its multiple business lines and to help Indonesia achieve a central role in the Sharia economy.
For more information on Gaido Group, visit www.gaidogroup.com