Integrated
Healthcare Holdings Sdn., Asia’s biggest hospital operator, is planning an
initial public offering that may raise up to $2 billion after it completes the
purchase of a Turkish hospital chain, said two people with knowledge of the
matter.
The company, controlled by Malaysia’s
sovereign wealth fund Khazanah Nasional Bhd., asked banks to submit proposals
for the IPO by tomorrow, said the people, who spoke on the condition of
anonymity because the process is private. The share sale will take place in the
first half of 2012 in Singapore or Kuala Lumpur, they said.
The Kuala Lumpur-based company is in advanced
talks to buy a majority stake in Turkey’s Acibadem Saglik Hizmetleri &
Ticaret AS for about $1 billion, one of the people said. Integrated Healthcare
expects to reach an agreement on the acquisition next month, the person said.
Integrated Healthcare’s Parkway Pantai Ltd.
unit runs 16 hospitals in Singapore, Malaysia, India and Brunei. Integrated
Healthcare also owns the International Medical University in Kuala Lumpur, and
a stake in India’s Apollo Hospitals Enterprise Ltd.
Khazanah spokesman Mohd Asuki Abas declined to
comment on the IPO plans. Dow Jones Newswires reported on the IPO earlier
today, citing unidentified people.
Government Push
Parkway Pantai, which employs about 13,700
people, is planning eight more hospitals in Singapore, Malaysia, Vietnam,
China, India and the United Arab Emirates, according to a company presentation
last month. The unit is made up of Singapore-based Parkway Holdings Ltd. and
Malaysia’s Pantai Hospitals Sdn.
Mitsui & Co., Japan’s second-biggest
trading company, said in April it will buy a 30 percent stake in Integrated
Healthcare for 3.3 billion ringgit. That valued the company at 11 billion
ringgit, which would make it the biggest among publicly traded hospital
operators in Asia, based Bloomberg data.
A $2 billion listing in Kuala Lumpur would be
Malaysia’s biggest IPO since Petronas Chemicals Bhd.’s 12.8 billion ringgit
($4.1 billion) offering last November. In Singapore it would be the largest
since Hutchison Port Holdings Trust’s $5.5 billion share sale in March.
Khazanah, which owns the rest of Integrated
Healthcare, said the same month that it plans to list the company as Malaysia’s
government pushes state organizations to divest commercial holdings to attract
foreign investors and boost stock market liquidity.
The fund is already the biggest shareholder in
some of Malaysia’s largest companies, including power producer Tenaga Nasional
Bhd., lender CIMB Group Holdings Bhd. and national carrier Malaysian Airline
System Bhd.
--With assistance from Chong Pooi Koon in
Kuala Lumpur. Editors: Mohammed Hadi, Barry Porter
To contact the reporter on this story: Joyce
Koh in Singapore at jkoh38@bloomberg.net
To contact the editor responsible for this
story: Philip Lagerkranser at lagerkranser@bloomberg.net
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