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Friday November 4, 2011

RM6b Integrated Healthcare IPO

It plans to undertake the exercise after buying Turkish hospital chain

SINGAPORE: Integrated Healthcare Holdings Sdn Bhd is planning an initial public offering (IPO) that may raise up to US$2bil (RM6.3bil) after completing the purchase of a Turkish hospital chain, said two people with knowledge of the matter.

The company, controlled by Khazanah Nasional Bhd, asked banks to submit proposals for the IPO by today, said the people, declining to be named as the process was private. The sale would take place in the first half of 2012 in Singapore or Kuala Lumpur, they said.

Integrated Healthcare was in advanced talks to buy a majority stake in Turkey's Acibadem Saglik Hizmetleri & Ticaret AS for about US$1bil, one of the people said. Asia's largest hospital operator was expected to reach an agreement on the acquisition next month, the person said.

In June last year, Integrated Healthcare offered S$3.5bil (RM8.6bil) for the rest of Singapore's Parkway Holdings Ltd, beating a rival bid from Fortis Healthcare Ltd. It also owns Pantai Hospitals Sdn Bhd, the second biggest hospital operator in Malaysia, and has an investment in Apollo Hospitals Enterprise Ltd.

Khazanah spokesman Mohd Asuki Abas declined to comment on the IPO of Integrated Healthcare.

Mitsui & Co, Japan's second biggest trading company, said in April it would buy a 30% stake in Integrated Healthcare for RM3.3bil. The purchase made Mitsui the second largest shareholder after Khazanah, which owns 70%.

Khazanah said the same month that it planned to list Integrated Healthcare as the Government pushes state organisations to divest commercial holdings to attract foreign investors and boost stock market liquidity. - Bloomberg

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