Lifecare Partners Limited an accredited National Health Maintenance Organisation (HMO) has doubled its equity stake in Union Diagnostics.
The HMO now owns 29.21 percent of Union Diagnostics a leading indigenous and homegrown company in the medical diagnostics and healthcare sector up from 14.02 percent in June 2020.
The transaction would have cost as much as N130 million according to MoneyCentral’s analysis.
Lifecare Partners Limited operates under the provisions of the National Health Insurance Scheme of decree 35 of 1999.
Union Diagnostics reported a loss of N598 million in the 3 months’ period that ended in September 2020 as other operating expenses surged 11,000 percent to N683 million from N6.6 million in September 2019.
Union Diagnostics stock is up 9 percent in the past year and closed trading at N0.24 per share on Monday for a market capitalization just under N1 billion.
Union Diagnostics started operations in 1994 under the name Tejuosho Scan Centre. It was changed to Tejuosho Diagnostic & Clinical Services Ltd in 2005.
An expansion programme was conceptualized in 2007 with the objective to be present in all states of the federation and the capital territory (Abuja). At present, we have Twenty (20) branches in Thirteen (12) states of the federation.
Simultaneously, a rebranding project was embarked upon and the name was changed to Union Diagnostic & Clinical Services Ltd. The same year, it became a public liability company (Plc) with over 10,000 shareholders. It was subsequently listed in the medical services category of the Nigeria Stock Exchange (NSE).
Union Diagnostics offers services ranging from Sonology including Colour Doppler imaging, X-ray imaging, Electrocardiography, Endoscopy, Computed Tomography (CT Scan), Magnetic Resonance Imaging (MRI), Echocardiography, Electrocardiography (ECG), Electroencephalography (EEG), Electromyography (EMG), Mammography, Pulmonology (Spirometry), Audiometry, Cytology, Toxicology, DNA Testing to Laboratory Services including Immuno Assay, and Medical Check-Up Programmes.
The healthcare sector in Nigeria has been attracting investments of late.
Cedar Advisory Partners limited, an investment firm with niche in healthcare business, offered to acquire additional 1,407,855,051 shares in Union Diagnostic and Clinical Service Plc in March. The firm currently holds 711,916,612 ordinary shares which represents 20.04 percent equity in Union Diagnostic.