Asiri Surgical divests 50% stake of cancer treatment centre for Rs.212.5mn

Asiri Hospital PLC, a unit of Asiri Hospitals group, yesterday said it divested 50 percent of shares of Asiri AOI Cancer Centre Private Limited to Cancer Treatment Services Hyderabad Private Limited for a total consideration of Rs.212.5 million.

The company said the gain on the share sale amounted to Rs.185.5 million.

Asiri AOI was incorporated as a fully owned subsidiary of Asiri Surgical on March 17, 2017. Asiri Surgical in 2016 announced that it was entering into a joint venture with an Indian subsidiary of an American cancer treatment group, Cancer Treatment Services International (CTSI), in order to provide state-of-the-art oncology services for the Sri Lankan market.

The company said the joint venture will be signed with CTSI subsidiary, Cancer Treatment Services Hyderabad Private Limited, which provides clinical and administrative solutions for cancer treatments under the brand American Oncology Institute.