Icon Group today, 2 October 2024, announced the decision for a strategic divestment of its operations in Hong Kong, with TW Pengu Holdings Limited (TWPHL) a portfolio company of Hong Kong-based investment firm, Templewater, acquiring Icon’s Hong Kong business. This move follows strong and continued interest from regional investors seeking to build on Icon’s proven care model, considerable growth pipeline and successful post-COVID performance.
The divestment is consistent with Icon’s renewed focus on strategically growing its Australia, New Zealand and Southeast Asia businesses, while pursuing sustainable expansion in the United Kingdom.
“Icon has seen great success and growth in the region which has driven investor interest for some time,” said Mark Middleton OAM, Icon Group CEO.
“The acquisition of our Hong Kong business recognises Icon’s deep investment in the delivery of world-class cancer services alongside an experienced and growing network of doctors in the region.
“It is a strong result for our Hong Kong team and will allow us to invest in key strategic regions across Europe and ASEAN.”
Enabling future growth
Mark said the need for world-class cancer care in Greater China is extensive.
“Our Hong Kong business has grown from strength to strength over the last five years, establishing a strong foundation for future growth. I have no doubt TW Pengu Holdings will continue to drive Icon’s commitment to exceptional patient care as the region’s demand for cancer services grows,” said Mark.
Mr Cliff Zhang, Chairman and CEO at Templewater, commented, “Acquiring Icon’s Hong Kong operations fits perfectly with our strategy to expand comprehensive oncology services, and we are dedicated to continuing the high standards of care established by Icon Group.”
“We’re committed to improving access to healthcare in Hong Kong and are excited to embark on this next phase of growth delivering exceptional oncology services in the region,” Cliff further added.
More care to more people
This move further enhances Icon Group’s capacity to continue delivering and expanding leading healthcare services across Australia, United Kingdom, and the ASEAN region.
“We have the proven knowledge, experience, and innovation to build sustainable services and reduce the growing cancer burden,” said Mark.
“We remain heavily invested in ASEAN as evidenced by our Singapore growth and successful entry in Malaysia and have a strong pipeline of projects in this region as well as the United Kingdom.
“This move allows us to direct our focus in these areas where we will continue to drive sustained growth, innovation and the best possible care.”
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