MEDEC sculpts Singapore play

SALTER Point-based health care company MEDEC Ltd says it has finalised the acquisition of 51 per cent of Singapore health group, Body Contours Pte Ltd. MEDEC said the $5.1 million cash and scrip deal provided it with the option to take 100 per cent ownership within the next 42 months. The WA company said Body Contours operated in the areas of weight management and complementary health and wellness therapies. It currently operates five centres in Singapore. MEDEC said the deal offered significant synergies, an existing infrastructure for the roll-out of its own products, a profitable business and a platform to expand into South-East Asia. Under the terms of the deal, $2.5 million, including almost $1.1 million in cash, was due to be paid up front, with the balance due in 2009.