KUALA LUMPUR (March 7): Singapore-listed Rowsley Ltd has received the green light from the Singapore regulator for its proposed acquisition of Sasteria Pte Ltd, TMC Life Sciences Bhd said today.

"Singapore Exchange Securities Trading Ltd has granted its approval in-principle [to Rowsley] for the proposed acquisition [of Sasteria]," said TMC in a filing today.

Last July, Rowsley offered S$1.9 billion to businessman Lim Eng Hock, in the form of 25.3 billion new Rowsley shares at 7.5 Singapore cents apiece, to acquire the entire 100% stake in Sasteria.

Following the acquisition, Lim — better known as Peter Lim — will hold an over 90% stake in Rowsley, while Sasteria will become a wholly-owned unit of Rowsley.

As at Nov 22, 2017, Sasteria held a 51.93% stake in TMC, which operates the Tropicana Medical Centre in Kota Damansara through its wholly-owned unit Sasteria (M) Pte Ltd.

According to TMC's latest annual report, Lim also owns another 18.42% in TMC via his ultimate shareholding in Incanto Investments Ltd and Best Blend Sdn Bhd.

Sasteria, meanwhile, also owns Thomson Medical Pte Ltd, which in turn owns Thomson Medical Centre, a 190-bed hospital in Singapore which specialises in obstetrics and maternity care.

Rowsley had last obtained a ruling from Malaysia's Securities Commission from having to make a general takeover offer for the remaining shares in TMC post-acquisition.

Rowsley will hold an extraordinary general meeting on the matter on March 23. The company has previously announced that it wants to change its name to Thomson Medical Group Ltd following the acquisition of Sasteria from Lim.

Shares of TMC Life Sciences closed 2 sen or 2.55% lower at 76.5 sen today, giving the healthcare group a market capitalisation of RM1.33 billion.