The management reshuffle enters a critical phase of transformation as the Group strives to look beyond metal fabrication and explore opportunities in the digital healthcare sector and drive the next phase of growth
SINGAPORE – Media reach – June 6, 2022 – Meta Health Limited (“META” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce a strategic restructuring of its management team as it seeks to diversify and expand into digital healthcare. Executive Director of 5Digital Pte Ltd (a wholly owned subsidiary of the Company) (“5Digital”), will Dr. Bernard Ng will be re-appointed as Group Chairman and CEO, where he will oversee the Group’s pivot to digital healthcare. This new appointment enables the current Chairman and CEO, Mr. Chua Kheng Choon, to transition to the role of SVP Engineering, where he will continue to lead the Group’s metals engineering business. Both Dr. Ng as mr. Chua will take up their new role as of June 7, 2022.
dr. Ng brings more than 20 years of professional experience in the pharmaceutical and consumer health sectors to his appointment as chairman and CEO of the group. He received his medical degree from the National University of Malaysia in 1999 and his MBA from the University of Melbourne in 2011. Before joining the Group, Dr. Ng Chief Medical Officer, Head of Global Medical and Clinical Affairs at Bayer Consumer Healthcare.
He is a strong believer in digital transformation, investing his time in start-ups that are breakthrough technology with the potential to create significant value for medical professionals and their patients. As Group CEO, he will use his expertise in medicine and digital transformation to lead META’s linchpin in the consumer health industry.
As one of the founders of META, Mr. Chua has accumulated more than 35 years of experience in the precision metal stamping industry. Under his leadership, the company has grown steadily from its inception as a stamping contractor to its position as a comprehensive supplier of mechanical fabrication products and services. Thanks to Mr. Chua’s continued efforts and guidance, metalworking revenues recovered strongly in FY2021, up 29% yoy to S$41.7 million and returning to profitability last year. As Mr. Chua takes up his new role, he will continue to focus on delivering high-quality engineering solutions and growing the customer base of the Group’s metals engineering business.
META has deepened its presence in digital health services over the past year. The anchor investment began with the acquisition of an 85.07% stake in Gainhealth Pte Ltd.(“Getting Health”), bringing primary care and central pharmacy services together with both online and offline sales channels. META also announced a conditional purchase and sale agreement with PT Gaido Digital Medika (“PT GDM”) and a share subscription agreement to acquire an interest of up to 10% in MedTel Healthcare Private Limited (“MedTel”† These strategic investments complement the Group’s vision to become a leading healthcare company in Southeast Asia, providing personalized healthcare within a hand-picked ecosystem of online and offline healthcare providers and e-pharmacies, while leveraging made from the most up-to-date insights from research and data. The launch of “Digital Hospital” in Indonesia, a trademarked product of PT GDM, has won significant pulling power. In an announcement from the G20 Business Council, Digital Hospital has been identified as a partner of the Indonesian Tourism Medical Association in early March 2022.
The new staff changes will enable the Group to increase its strategic focus on digital healthcare and become the industry’s preferred solution provider. dr. Ng will work with 5Digital veteran and Chief Medical Officer, Dr. Vas Metupalle, a healthcare entrepreneur with 17 years of experience. Founded earlier Metupalle, companies in the Teleradiology (Clarity) and Telemedicine (MyDoc) space, Dr. Metupall has extensive regional experience in implementing diagnostic and ambulatory health care for corporate health and insurance partners. dr. ng and dr. Metupalle together form a strong team of medical experts that will lay the foundation for META’s further research efforts in the field.
dr. Bernard Ng said: “It is a great privilege for me to lead META and I would like to thank the Board of Directors for their trust. I look forward to exploring new streams of business development opportunities with the management team and conducting a strategic review of existing companies and their implementation, with a view to creating value for shareholders. The Group will also explore how we can accelerate our sales and profit growth targets through strategic acquisitions and scaling up our current business††
About Meta Health Limited
Meta Health Limited (META), formerly known as Metal Component Engineering Limited, was incorporated in Singapore in 1987. With a consistent focus on quality and technical innovation, META has expanded its customer base by serving MNC (Multi-National-Corporation), EMS (Electronic Manufacturing Services) and SME (Small-Medium-Enterprise) worldwide. META has recently diversified into healthcare technology and services with investments in Gainhealth Pte. Ltd., a direct-to-consumer and fast-growing omnichannel health and wellness platform. META is vertically integrated with licensed pharmacy clinics, own-brand online e-commerce portals, and product placements on regional e-commerce portals.
For more information visit https://metahealth.sg, www.5digital.com.sg en www.gainhealthclinic.com
This press release has been prepared by Meta Health Limited (“Company”) and its contents have been reviewed by the sponsor of the Company, ZICO Capital Pte. Ltd. (“Sponsor”), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited (“SGX-ST”) Listing Manual Section B: Rules of Catalist.
This press release has not been reviewed or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this press release, including the accuracy of any statements or opinions expressed or reported in this press release.
The sponsor’s liaison is Mr. Alex Tan, Chief Executive Officer, ZICO Capital Pte. Ltd. at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896, Phone (65) 6636 4201.