SINGAPORE (March 28): Gentle Care, the entity linked to Indonesia’s Lippo Group, is extending the closing date for its takeover offer of Healthway Medical Corporation to 5.30pm on May 2, 2017 after it expired at 5.30pm on Tuesday. (See also: Healthway Medical receives initial net proceeds of $10 mil from Gateway)(See also: Gateway Partners wins over Healthway Medical Corporation with revised deal)This comprised a principal amount of S$10 million, enabling the latter to fulfil its immediate liquidity needs. Gentle Care is offering 4.2 Singapore cents in cash each for all the shares of Healthway it does not own. Gentle Care is a wholly-owned subsidiary of Valiant Leader, and an indirect subsidiary of entities including Lippo China Resources (LCR), Lippo and Lippo Capital. Shares of Healthway Medical closed at 4 Singapore cents on Tuesday.

Source: The Edge Markets March 28, 2017 19:30 UTC