Don Agro International Rebrands as UpHealth Group Limited After Major Healthcare Acquisition

Singapore, 29 January 2026 – Don Agro International Limited (“Don Agro”) has announced a significant transformation after securing shareholder approval for the acquisition of major healthcare assets, along with a strategic rebranding to “UpHealth Group Limited.” This marks a bold shift from its roots in agriculture to a new focus as a healthcare-centric company, following the divestment of its agricultural assets.

Key Points from the Announcement

• Shareholders Approved: At the Extraordinary General Meeting on 28 January 2026, shareholders gave the green light for three major resolutions:
  • Acquisition of healthcare assets (the “Proposed Acquisitions”)
  • Diversification into the healthcare sector
  • Change of company name to “UpHealth Group Limited”
• Strategic Shift: The approvals signify a pivotal milestone as the Group exits agriculture and pivots toward the healthcare industry.
• Healthcare Assets Acquired: Upon completion, the Group will own and operate two significant healthcare brands:
  • Euroonco: A network of advanced oncology clinics in three major cities, specializing in the treatment of advanced-stage cancer. Facilities include inpatient care, intensive care units, and operating rooms, with a combined inpatient capacity exceeding 60 beds.
  • Uni Medica: This large medical facility (approx. 7,000 sqm GFA) offers both outpatient and inpatient services, currently with around 30 inpatient beds, intensive care units, multiple operating rooms, and an outpatient setup with 70 fully equipped medical rooms.
• Growth Plans: The Group plans to expand Uni Medica’s oncology capacity and fully integrate its services with Euroonco’s platform. The goal is to increase Uni Medica’s bed capacity to 72, enhancing specialty and inpatient care capabilities.
• Strong Operating Track Record: Both Euroonco and Uni Medica are established businesses.
  • Euroonco served over 11,019 patients in 2024, up 23.1% year-on-year, indicating robust demand.
  • Group revenue grew from S\$16.0 million (FY2022) to S\$33.3 million (FY2023) and S\$39.4 million (FY2024), a historical CAGR of ~57%.
  • For the first half of 2025, revenue was S\$26.0 million, up 35.9% from the prior year period.
  • Profitability has improved markedly: from a net loss of S\$1.2 million in FY2022 to net profits of S\$1.9 million (FY2023) and S\$2.8 million (FY2024); 1H2025 profit was S\$2.4 million (vs S\$1.6 million in 1H2024).

Shareholder-Relevant and Potentially Price-Sensitive Information

• Strategic Repositioning: The Group’s exit from agriculture and full commitment to healthcare could materially impact future earnings stability and growth prospects.
• Healthcare Sector Resilience: Citing data from The Business Research Company, management emphasized the global healthcare services market is valued at US\$8.53 trillion (2024) and is projected to grow to US\$10.75 trillion by 2029 (CAGR of 4.7%). The shift into a resilient, high-growth sector may affect investor sentiment and the valuation of the company.
• Expansion Ambitions: Beyond the current acquisitions, the Group is actively evaluating opportunities in Southeast Asia, Central Asia, and the Middle East—regions with growing populations and increasing demand for quality healthcare. This could signal further asset acquisitions or new developments, potentially altering the company’s risk and growth profile.
• Rebranding: The name change to “UpHealth Group Limited” underlines the Group’s new mission and market positioning, which may influence brand perception among investors, customers, and partners.

Management Commentary

Executive Chairman Mr. Evgeny Tugolukov highlighted the significance of this transformation, stating, “Today’s approvals represent a pivotal moment for the Group. We are entering a new phase as a healthcare-focused company, following our exit from agriculture and a period of strategic repositioning. This new business direction is ultimately about people. Regardless of country or economic environment, people will always need access to medical care. This demand is underscored by the global healthcare services market size, which reached US\$8.53 trillion in 2024. It is expected to grow to US\$10.75 trillion in 2029 at a CAGR of 4.7%. The Group believes that this universality makes healthcare a resilient and scalable business across different geographies. Our objective is to build a responsible, efficient, and sustainable healthcare business that improves lives while creating long-term value for shareholders.”

Investor Takeaways

• The Group’s transformation into a healthcare-focused entity, with a proven track record of growth and profitability, may drive a re-rating of its shares as it exits agriculture and enters a more resilient, secular growth sector.
• Ongoing expansion into new geographic markets and asset classes could offer further upside, but may also introduce new risks.
• The company’s new identity as “UpHealth Group Limited” and its enhanced healthcare portfolio could attract new investors and strategic partners.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. The author and publisher assume no responsibility or liability for any errors or omissions in the content.

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