KUALA
LUMPUR - IHH Healthcare's US$2 billion
(S$2.56 billion) listing has secured a strong cast of cornerstone investors
including the Government of Singapore Investment, Temasek unit Fullerton Fund
Management and Blackrock, sources said.
The
dual listing of Asia's largest hospital operator, slated for the Malaysian and
Singapore bourses by the end of next month, comes as a string of initial public
offerings have been delayed or scrapped because of investor worries about
Europe's debt crisis and China's slowing economy.
"The
profile of the cornerstone investors will give the IPO some boost in
confidence," said one of the sources, who declined to be identified as the
talks were confidential.
"In
good or bad times, it (the IPO) will still do well. It (IHH) operates in a defensive
sector."
Capital
Group, Och-Ziff Capital Management Group, AIA Group, Prudential's Eastspring
Investments and Hwang Investment Management have also agreed to be cornerstone
investors, sources said.
The
cornerstones would take 1.3 billion out of the 2.2 billion shares available, a
source said.
IHH,
controlled by Malaysia's investment company Khazanah Nasional, signed
agreements with so-called cornerstone investors on Monday, the people said.
IHH's bankers set a price of RM2.85 (S$1.15) a share for those investors,
according to the people.
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