Aoxin Q & M Dental (SGX:1D4) will be closing one of its hospitals in China, the Panjin Aoxin Quanmin Stomatology Hospital, following the expiry of its lease in April, according to a Monday filing with the Singapore Exchange.
Shares of the dental services company were down nearly 9% in Tuesday's afternoon trading.
The closure is part of the company's rationalization strategy, with the hospital being a loss-making asset.
The company will incur one-off expenses of 3 million yuan due to the closure, while 40% of the staff will be redeployed to another hospital.
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