Shalby increases stake in Singapore Subsidiary to 99.34% by investing another Rs 1.8 crore

Multi-speciality hospital chain operator Shalby Ltd. on Friday announced that its wholly-owned subsidiary has invested SGD 3 lakh (Rs 1.84 crore) in its Singapore arm to acquire more equity.

The company’s wholly‐owned subsidiary, Mars Medical Devices Ltd. (MMDL) acquired 3 lakh equity shares of SGD 1 each in Singapore-based Shalby Global Technologies Pte. Ltd. (SGTPL).

SGTPL is a step-down subsidiary of Shalby Ltd. and is a direct subsidiary of Mars Medical Devices Ltd.

Shalby, which runs 11 multi-speciality hospitals across Gujarat, Madhya Pradesh and Rajasthan, had set up its Singapore subsidiary in 2021 for the purpose of wholesale trading of implants and other medical equipment.

Following the acquisition MMDL’s stake in SGTPL has increased to 99.33 percent. The remaining shares are held by promoters Dr Vikram Shah and Shanay Shah. The acquired shares were newly created shares.

The hospital chain had reported mixed earnings for the quarter ending in December 2022. The company posted a net profit of Rs 15.3 crore for the December quarter, an 18 percent year-on-year increase from Rs 12.94 crore in Q3FY22. However, profit declined quarter-on-quarter by 17 percent from Rs 18.4 crore in the September quarter.

The company’s revenue stood at Rs 202.5 crore, up 25 percent YoY from Rs 162.4 crore in the year-ago period.

Shares of Shalby ended 0.3 percent higher at Rs 124.65.