PETALING JAYA: Khazanah Nasional Bhd plans
to have a primary and secondary listing of its healthcare arm, most likely in
Malaysia and Singapore respectively, some time in the third or fourth quarter
this year, people familiar with the situation told StarBiz.
Sources also said that Khazanah had appointed
CIMB Investment Bank, Merrill Lynch and Deutsche Bank as lead advisers for the
listing of Integrated Healthcare Holdings (IHH). The three banks, along with
Goldman Sachs, Credit Suisse and DBS Bank of Singapore have also been appointed
the joint bookrunners for the deal.
“The exact location of the listing has not
been decided upon, but the Malaysian and Singaporean bourses are key markets
for the shares to be listed.
“There will be a primary and secondary listing
but the details have not been decided. Board approval is needed and at this
point the board has not met on the matter,” a source explained.
It will take around six months before the
listing goes through, and Khazanah has been busy wrapping up the acquisition of
Turkey's Acibadem Group, a high-class hospital chain in the Middle East.
Should the listing be approved and
subsequently carried out, it is expected that IHH will potentially be a darling
of fund managers from all over the world, given that it has a diverse
healthcare portfolio under its stable of companies.
Parkway Holdings Ltd, privatised in 2010 and
parked under IHH, is 70% owned by Khazanah and 30% by Mitsui Co & Ltd.
Mitsui entered IHH by paying RM3.3bil for its
30% stake in Parkway about a year after Khazanah privatised Parkway for RM8bil.
After the privatisation, Parkway was renamed
Parkway Pantai Ltd and it has hospital assets based mostly in Singapore and
Malaysia. Parkway Pantai recently reported an 18% higher first-half net profit,
excluding exceptional items and net of tax, of RM190.18mil (S$78.3mil) for the
year ended June 30, 2011 versus the corresponding period of 2010.
Parkway Pantai's first-half revenue also grew
11% to RM1.51bil (S$621.2mil) against a year earlier.
Parkway Pantai derived 61% of its first-half
2011 revenue from Singapore, while a further 30% came from Malaysia. The
balance was generated from North Asia (5%), South-East Asia (2%) and South Asia
(2%).
Parkway Pantai currently operates 16 hospitals
in Asia. In Singapore, it has Gleneagles Hospital, Mount Elizabeth Hospital,
Parkway East Hospital and Parkway Novena Hospital under its stable. It is set
to open one more hospital, called Mount Elizabeth Novena Hospital, in Singapore
in the second half of this year.
In Malaysia, it owns Gleneagles in Kuala
Lumpur and Penang, and nine Pantai Hospitals located along the west coast of
Peninsular Malaysia.
In Brunei, Parkway Pantai owns Gleneagles JPMC
Sdn Bhd, while in India it is a joint-venture shareholder in Apollo Gleneagles
Hospital, Kolkata and ParkwayHealth Khubchandani Hospital. In China, Parkway
Pantai owns the Shanghai International Medical Centre, which is due to open by
March 2014, and seven other clinics that are located around Shanghai.
It also owns the Danat Al Emarat Hospital in
the United Arab Emirates, and the City International Hospital in Ho Chi Minh
City, Vietnam which is set to open next year.
With the recent acquisition of the Acibadem
Group, IHH is now the second largest healthcare provider outside the United
States, in terms of number of beds a whopping 12,300.
B.K. SIDHU AND DANIEL KHOO
The Star
Business & Investment Opportunities
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