KUALA
LUMPUR: Whether or not Felda Global Ventures Sdn Bhd (FGV) turns out to be the
country’s biggest IPO next year, it is certainly expected to be among the best
performing ones — going by how well shares of Felda’s sugar unit, MSM Malaysia
Holdings Bhd, perform post IPO.
Even as FGV decides on investment bankers for
its listing, the guessing game has already begun on what other big IPOs could
be in the pipeline for the local bourse.
One obvious candidate is Khazanah Nasional
Bhd’s Integrated Healthcare Holdings Sdn Bhd — whose assets include hospital
chain operator Pantai Holdings Bhd and Singapore’s healthcare provider Parkway
Holdings Ltd.
In April, Khazanah managing director Tan Sri
Azman Mokhtar said Integrated Healthcare would be floated in Kuala Lumpur or
Singapore within three years.
The 30% block in Integrated Healthcare sold to
Japan’s second largest trader Mitsui & Co in April for RM3.3 billion
effectively valued the healthcare group at RM11 billion.
The exercise — which involved the issuance of
new shares and Khazanah selling a portion of its stake — saw Integrated
Healthcare raise RM1.98 billion cash. At the time, its enterprise value was
RM14.61 billion, said Khazanah, whose wholly-owned Pulau Memutik Ventures (PMV)
raised RM1.32 billion from the deal and still holds 70% of Integrated
Healthcare.
“An IPO and the repackaging of Integrated
Healthcare with a good basket of assets is probably the best way for Khazanah
to recoup its huge investment in taking Parkway private after the bidding war
[with India’s Fortis Healthcare] last year,” one analyst said.
Cindy Yeap
Business & Investment Opportunities
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