PETALING JAYA: LYC Healthcare Bhd, via subsidiary LYC Beauty & Wellness Sdn Bhd, has expanded its offerings portfolio following the completion of acquisitions in a medical aesthetic clinic, a beauty and wellness centre and three dental clinics under the KL Dental brand.
The group said it aims to create synergies between these business units while tapping into the exciting market potential within the region.
LYC now has a 100% stake in Tao Global Ventures Sdn Bhd which owns and operates a medical aesthetic clinic and beauty and wellness centre called Dr D Clinic and iBody by Dr D in Bandar Sri Damansara for RM4 million.
With the inclusion of Dr D Clinic and iBody by Dr D, LYC is able to provide aesthetic services including facework, bodywork, hair work and regenerative medicine and treatments that focus on body contouring and wellness for post-pregnancy, urinary incontinence, sexual/intimacy wellness, diastasis recti treatment, non-invasive “butt-lift” and abdominal/core strengthening.
Meanwhile, subsidiary LYC Dental Group Sdn Bhd has acquired a 70% stake in three KL Dental clinics for RM3.2 million.
LYC managing director cum group CEO David Sui Diong Hoe said the acquisitions are in line with its plan of expanding its footprint in the healthcare and wellness industry.
“Driven by rising affluence and a growing population, demand for medical aesthetics and dental services will continue to rise.
“Advancements in medical technologies and growing healthcare tourism present ample opportunities for us to capitalise on the attractive prospects ahead,” he said.
The acquisitions are earnings accretive and are expected to contribute positively to LYC’s financial performance.
The acquisition of Tao Global comes with a two-year annual profit guarantee of RM500,000 for the financial years ending March 31, 2024, and 2025.
Meanwhile, the three dental clinics recorded an aggregate profit after tax of RM500,000 for the 12-month financial period ended Dec 31, 2021.
LYC has also acquired chronic disease and orthopaedics specialist clinics, and nutraceutical businesses involved in the manufacturing and distribution of supplements and pharmaceutical-based products.