 |
| 26 February 2001 |
| Ehealthcareasia Limited ('EHA'
; HKSE : 835), Quality HealthCare Asia Limited (HKSE : 593),
iBusiness Corporation Limited ('iBusiness'), i21 Limited ('i21'),
Excel Technology International Holdings Limited ('Excel' ; HKSE
: 8048) and HIH Insurance (Asia) Limited ('HIH') have signed
a memorandum of agreement ('MOA') to provide Internet-based
application solutions for the healthcare profession and insurance
industry in Asia. |
|
| Their subsequent agreement will
consolidate the e-health industry, create a sizeable super-network
and bring one step closer the linking together of participants
across the healthcare and healthcare insurance industries, thereby
improving efficiency while at the same time reducing administration
costs. This objective aligns closely with that of the SAR's
and other regional governments, who seek uniform communication
in private healthcare, to ease linkages with publicly-funded
care delivery. |
|
| According to the MOA, (i) EHA
will acquire iClaims21 Limited, a company in which i21 owns
a 70% interest and HIH 30%; (ii) iBusiness will introduce business
partners and customers to EHA by leveraging the marketing channels
and customer bases of the shareholders of iBusiness, namely
Cheung Kong (Holdings) Limited, The Hongkong and Shanghai Banking
Corporation Limited, Hutchison Whampoa Limited and Hang Seng
Bank Limited; (iii) Excel will develop and provide EHA with
the comprehensive iPolicy21 software solution - a fully integrated
end-to-end application that covers the entire medical insurance
processing cycle from quotation, policy administration, and
policy renewal to claims submission and processing; Excel is
a leading publicly listed business application solutions provider
in the banking and finance sector in Hong Kong and is well-known
for its software development capability. |
|
| EHA is Asia's only publicly
listed group of e-health companies. It offers a comprehensive
range of services to support healthcare professionals and industry
practitioners in areas such as medical claims and administration.
It presently provides transaction services to 670 Hong Kong
doctors, with its rollout programme to cover a further 900 during
2001. Its services are supplied to over 5,000 Australian doctors
and it also operates in Singapore and Taiwan. EHA provides connectivity
and transaction services, business and health professional technology
solutions. It is also engaged in specialist medical equipment
distribution and the provision of marketing services for healthcare
and insurance companies. |
|
| Commenting on the cooperation,
Mr Brian O'Connor, Chairman of EHA and Quality HealthCare, said,
"We are very excited about this convergence of strengths in
EHA. We are confident that with the incorporation of iClaims21
into EHA's clearing system and products, the highly compatible
platform of Excel's iPolicy21 software, plus the strong marketing
channels and extensive customer network of iBusiness's shareholders,
EHA will be the strongest, and most comprehensive and efficient
healthcare management and insurance solutions provider in Asia." |
|
| Ms Peggy Chan, Chairman and
CEO of Excel, said, "Excel is looking forward to providing professional
software development skills and provisioning of the iPolicy21
software to EHA. This will enable EHA to become a super-provider
of administration, insurance, marketing and other support services
to medical professionals. Excel is honoured to be the development
company for both iClaims21 and iPolicy21." |
|
| Mr Edmond Ip, CEO
and Executive Director of iBusiness commented, "iBusiness epitomizes
strong alliances. Excel is well known for its technical capability;
and Quality HealthCare is the No.1 healthcare operator in Hong
Kong. Together, we will make EHA the most dominant player in
the region." |
|
| The total consideration
involved in the MOA which includes service provision and acquisition
amounts to HK$120 million. The consideration will be settled
by the issuance of HK$80 million worth of new shares (valued
at HK$0.25 each) and HK$40 million worth of convertible notes
(with a conversion price of HK$0.40 per share) to iBusiness,
Excel, i21 and HIH. |
|
| As a result of the new issue,
QHA's shareholding in EHA will be 53.9%; iBusiness, Excel, i21
and HIH will in aggregate hold 10.9% of EHA immediately after
the transaction. Upon full conversion of the convertible notes,
QHA's interest will be reduced to 52.1%. |
- End -
|
| |
|
Companies'
Background
ehealthcareasia
Limited (EHA)
Listed in Hong Kong, ehealthcareasia (stock code: 835) is
Asia's only public group of e-health companies. From its Hong
Kong headquarters, its offices in Singapore and Australia,
and its operating bases in Taiwan and Korea, EHA provides
tailored services that offer greater efficiency to the Asian
healthcare and healthcare insurance services community.
|
| |
| EHA's regional websites
www.eha.net (South East Asia) and www.medweb.com.au
(Australia), details further information and healthcare
content for medical professionals and the general public. |
| |
Quality
HealthCare Asia Limited (QHA)
Quality HealthCare (stock code: 593) is Hong Kong's first listed,
and leading, integrated healthcare provider. While continually
introducing new and improved services and products, the company
is today caring for more than 430,000 Hong Kong people at 330
Western and Chinese medicine, dental, physiotherapy, footcare,
nursing and elderly care centres. |
| |
| Its team of almost 900 healthcare
professionals is the largest private sector healthcare operator
in Hong Kong. |
| |
iBusiness
Corporation Limited (iBusiness)
iBusiness Corporation Limited was established early in year
2000 by four blue chip companies: Cheung Kong (Holdings) Limited,
The Hongkong and Shanghai Banking Corporation Limited, Hutchison
Whampoa Limited and Hang Seng Bank Limited. The Internet joint
venture intends to be the dominant service provider and business
facilitator to develop e-commerce business on the Internet.
Cheung Kong and Hutchison jointly hold approximately 75% of
iBusiness, while HSBC and Hang Seng hold approximately 25% of
the joint venture. |
| |
Excel
Technology International Holdings Limited (Excel)
Excel (stock code: 8048) is a leading publicly listed business
application solutions provider in the banking and finance sector
in Hong Kong. Since its establishment in 1988, it has employed
over 200 IT professionals specializing in enterprise software
development, e-commerce solutions and ASP operation. |
| |
i21
Limited (i21)
i21 Limited is a joint venture of iBusiness Corporation Limited
and Excel Technology International (Hong Kong) Limited (Excel,
stock code 8048). i21 is a trusted Application Service Provider
(ASP) which aims to provide premier cost-effective, quality
and reliable on-line software solutions, together with all the
required hardware equipment, database and responsive customer
support services, to businesses across different market segments.
The first three i21 ASP offerings launched in year 2000 include
iStock21-an integrated stock trading application; iHR21-a comprehensive
set of human resources management solution; and iClaims21-an
online medical claims processing solution. Upcoming service
launches will include iAccount21, iERP21, and iCRM21 |
| |
HIH
Insurance (Asia) Limited (HIH)
HIH is part of a global operation with a strong presence in
Asia. Its services range from commercial and special risk cover
to domestic, personal accident, sport and travel insurances.
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