E-health service provider WorldCare Ltd has jumpstarted its business in Asia with a fortuitous backdoor-listing on the Korean Stock Exchange.
KUALA LUMPUR - Barely two days after it signed a deal with venture capital partner Tube Med in October, the latter merged with Keun Wha Pharmaceutical Company Ltd, one of the oldest publicly-traded pharmaceutical companies in Korea.
WorldCare Asia's managing director Rajiv Ramprasad said the stroke of good fortune was welcomed as the company was aggressively seeking US$65 million worth of funding for expansion across Asia.
"We have now secured almost two-thirds of the projected funding with the signing, and are working on securing the third tranche," he said.
WorldCare is now a step closer to realizing ambitious plans to become Asia's premier e-health services provider. The company enjoyed early success in the region when it secured a US$5.5 million telemedicine pilot contract with the Malaysian government in January.
Rajiv said the new entity will operate under the name of WorldCare Corporation (Korea) and will be traded on the Korean Stock Exchange.
"Korea is among the Asian societies that are ready for e-health as its personal health market is well-developed and mature. Consumers are seeking solid state-of-the- art medical opinions," said Rajiv.
He adds the potential for e-commerce in Korea is buoyed by a high Internet penetration rate and the rise of upper-middle class consumers making it a prime market for WorldCare's niche e-health products.
Once the restructuring is completed by next month, WorldCare will launch its flagship products, the Global Health Plan and the Global E-Health Network, apart from offering its telemedicine products and pharmaceuticals.
