(Yicai Global) Aug. 27 -- Aier Eye Hospital Group, which runs China's biggest eye care hospital network, plans to acquire a majority stake in Singapore's ISEC Healthcare for around SGD150 million (USD108 million).

Aier's local arm will acquire a 35 percent stake for SGD67 million from seven of the target's employee-shareholders, it said in a statement yesterday. It will then push a public tender offer -- at the same price of SGD0.36 (26 US cents) a share -- which will allow it to obtain a maximum 78.22 percent.

ISEC shares [SGX:40T] were up 6.1 percent on the news at SGD0.35 as of 10.09 a.m. Beijing time, while Aier stock had climbed 2 percent to CNY34.19 (USD4.78) as of 11.09 a.m.

If the subsidiary, Aier Eye International Singapore, manages to secure an additional 13 percent to 15 percent through the open market, shareholders Lee Hung Ming and Wong Jun Shyan will sell an additional 1 percent each, and if necessary one share each, in order to give Aier a majority stake in the firm.

Founded in 2014, ISEC runs 11 ophthalmology and general practice clinics in Singapore, Malaysia and Myanmar. It offers outpatient services and refractive, cataract and retinal surgeries.

Aier has been running since 2003 and went public in October 2009. It made CNY695 million (USD97.2 million) in net profit over the first half, up 36.5 percent as revenue climbed by more than a quarter to CNY4.7 billion (USD664 million), according to its interim report.

Editor: James Boynton