NSG Media Release Joint Venture with EGroup
New Silkroutes Group enters into a joint venture with EGroup to expand dental care services to Vietnam
Regional expansion of dental chain to Vietnam marks another milestone in New Silkroutes Group’s efforts to strengthen its core healthcare business
Move taps into the rising incomes and growing demand for quality healthcare by Vietnam’s population of about 96 million (1)
NSG and EGroup looking to grow comprehensive healthcare services over time
Singapore – 7 August 2018. New Silkroutes Group Limited (“NSG”, or the “Company” and together with its subsidiaries, the “Group”) today announced that its subsidiary Healthsciences International Pte. Ltd. (“HSI”) has entered into a joint venture agreement with Vietnam-based EGroup Education Group Joint Stock Company (“EGroup”) to establish a network of dental facilities and dental clinics under the brand name “The Dental Hub International” in Vietnam.
EGroup is a leading education-focused company based in Vietnam. It provides various education programmes for students as well as leadership and business skills e-training for the corporate sector. EGroup intends to focus on the women and children market segments in Vietnam. By tapping on its extensive client base, EGroup aspires to expand its business offerings to include medical services, healthcare and health food industries.
Mr. Nguyen Ngoc Thuy, the Founder and Chairman of EGroup said: “EGroup has been in the education business for more than 10 years. This partnership with NSG is our first foray into the medical business. We are excited about this partnership and we look forward to growing together with Healthsciences International. Although we are starting with dental clinics, our longer-term goal is to work with HSI to offer services in medical specialties as well.”
A joint venture company, The Dental Hub International (“JV Company”), will be set up in Vietnam. HSI will take a 49% stake in the JV Company, while EGroup will hold the remaining 51% equity interest
in the JV Company. The first two flagship dental clinics will be set up in Hanoi and will employ dentists and healthcare staff from both Singapore and Vietnam.
Dr Goh Jin Hian, Chief Executive Officer of NSG said, “We are blessed to have EGroup as partners on this venture, riding on Vietnam’s growing healthcare industry. This collaboration marks the Group’s first clinics in Vietnam, which is in line with our strategy to expand our healthcare portfolio regionally. With a growing population and rising income levels in the region, we hope to strengthen our portfolio with more regional collaborations and enhance shareholder value.”
At the Collaborative Agreement Signing Ceremony between NSG and EGroup.
From left: Ms Vu My Lan (CEO of EGroup), Mr Nguyen Ngoc Thuy (President & Founder of EGroup), Dr Goh Jin Hian (CEO of NSG) and Ms Luna Lee (CEO of HSI)
Business Monitor International also estimated that Vietnam’s healthcare expenditure in 2017 was US$16.1 billion, and added that the figure would continue to grow to US$22.7 billion in 2021(2). With the country’s resilient economic growth, demand for quality healthcare services is also expected to rise.
(1) World Population Review, Vietnam Population 2018
(2) Vietnam – Healthcare, export.gov, 12 July 2018 (https://www.export.gov/article?id=Vietnam-Healthcare)
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This Media Release is to be read together with New Silkroutes Group Limited’s announcement dated 7 August 2018
About New Silkroutes Group Limited
New Silkroutes Group (Reuters: NEWS.SI; Bloomberg: NSG SP) is a Singapore-incorporated investment holding company listed on the Mainboard of Singapore Exchange Securities Trading Ltd (SGX). The Group, through its subsidiaries and associate companies, has businesses in the Energy/Resources and Healthcare sectors.
About Healthsciences International Pte. Ltd.
Healthsciences International Pte. Ltd. is a subsidiary of New Silkroutes Group Limited and holds the Group’s healthcare investments. The Group’s medical investments are held through HSI Medical Pte. Ltd. whilst the Group’s dental investments are held through HSI Dental Pte. Ltd. (formerly known as HSI Nominees A Pte. Ltd.).
About EGroup Education Group Joint Stock Company
EGroup is a leading education-focused company based in Vietnam. Operating for more than 10 years, EGroup has made in-roads into the various fields of education, which include English language education, creative think-nology, providing education programs for students from kindergarten to high-school level, as well as leadership and business skills e-training for the corporate sector.
Egroup has more than 3,000 employees and 60,000 students throughout Vietnam. Apax Holdings, a subsidiary of EGroup, which owns a chain of English language centres and runs English education programs for children, is listed on the Ho Chi Minh City Stock Exchange (HOSE). EGroup intends to focus on the women and children market segments. By tapping on its extensive client base, Egroup aspires to expand its business offerings to include medical services, healthcare and the health food industries.