Singapore Medical Group
(SMG), the provider of specialist and general practitioner healthcare services
headquartered in Singapore, today announced its intention to establish a joint
venture for a flagship multi-disciplinary tertiary hospital in Ulaanbaatar,
Mongolia, with Chono Corporation.

The Memorandum of
Understanding (MoU) signed will leverage on the resources and expertise of both
organizations as a significant means of establishing a flagship
multi-disciplinary tertiary hospital in Ulaanbaatar, around 15 satellite family
medicine clinics and mini-hospitals will be set up around the city and country.

Under the MoU, SMG will hold a 75% stake in the JV and might be inviting other
investors to join, while Chono will hold the remaining 25% stake. Three of the
five directors on the Board of Directors of the JV Company will be from SMG,
while the remaining two directors will be from Chono.

The parties intend to appoint an international consultancy firm to conduct an
independent market feasibility study for the JV Company.