SINGAPORE - Banks have been asked to submit
proposals for an initial public offering of healthcare company Parkway Pantai
that could potentially raise up to US$2 billion (S$2.6 billion), people
familiar with the situation said yesterday.
Parkway Pantai operates a network of 16
hospitals in Asia with more than 3,000 beds, mostly in Singapore and Malaysia.
The listing plan comes after Malaysia's
Integrated Healthcare Holdings took over Parkway Holdings on the Singapore
Exchange last year in a transaction that valued the healthcare group at US$3.5
billion.
Integrated Healthcare subsequently combined
the Parkway assets with those of its Malaysian assets held under its Pantai
Holdings investment.
Integrated Healthcare, majority owned by
Malaysian sovereign wealth fund Khazanah Nasional, plans to list Parkway Pantai
in the first half of next year, although the listing venue has yet to be
decided, one of the people said. The size of the IPO could change depending on
market conditions.
Banks have been asked to submit their
proposals by today, the people said.
Last month, Parkway Pantai chairman Mohammed
Azlan Hashim, who is also a Khazanah director, said that his company is looking
to re-list through a public offering after being taken private last year. DOW
JONES
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