Singapore-based Thomson Medical Group has sold the Ariva hospitality unit to Tang Dynasty, majority-owned by property tycoon Gordon Tang, for S$3.4 million (US$2.5 million).
The medical group, which operates a chain of women and children’s specialist clinics, said that its current focus is to develop its healthcare business, and will assess options to divest its real estate portfolio, reported Singapore’s Straits Times.
Ariva was acquired in 2016 from a group of vendors, who had also made loans to Thomson Medical’s wholly owned subsidiary Rowsley Hospitality Holdings. According to the Straits Times article, these vendors have also agreed to terminate Rowsley Hospitality’s obligations to pay earn-out considerations and to repay the loans, in exchange for payment of a compromised amount.
