For those not in the know or not familiar with eChannelling, this is a mobile service that allows you to channel or create appointments with specialist doctors via your mobile phone. Simply call the eChannelling hotline, place your appointment and doctor details, and your appointment is made. The charges for the service are added to your monthly phone bill.
eChannelling facilitates over 700,000 appointments per year. A total of 155 hospitals are covered under this service as of 31st March 2016 of which 123 are private hospitals and 22 are private Ayurveda hospitals. It also started a pilot project with the Maharagama Cancer Hospital to provide eChannelling services to the hospital. Think of it as the stepping stone to tap into Government Hospitals in the future.
Mobitel recently announced that they would be making a bid worth Rs. 733 Million to acquire eChannelling. In accordance the announcement, Mobitel would make a voluntary offer to buy 87.6% of the company’s stake which equates to around 106.97 million shares at a price of Rs. 6 per share from Senior Marketing System Asia Ltd, a major shareholder in Singapore. In addition, Mobitel will also buy the remaining shareholding within the total issued capital of 122.131 million shares of eChannelling.
As of the 5th of September this year, Mobitel and Senior Marketing System Asia Ltd have entered into a Share Sale and Purchase Agreement, where in the Singapore firm has confirmed that that it will accept the offering full.
In terms of stocks and pricing as per the Colombo Stock Exchange, eChannelling traded between a high of Rs. 9.20 and a low of Rs. 8.80 before closing at Rs. 9, down by 10 cents. The Net Asset Per Share of eChannelling was Rs. 1.54 as of 30th June 2016, which was up from Rs. 0.95 the previous year and Rs. 1.42 as of December 2015. It had Rs. 253 million in assets whilst liabilities amounted to Rs. 66 million.
Mobitel is indeed playing a smart move by acquiring eChannelling as it will significantly strengthen its position since the company is considered to be the market leader in healthcare consultation booking business.