PETALING JAYA: Asean Healthcare Group Bhd, a special-purpose acquisition company spearheaded by former Hong Leong Bank Bhd group managing director Datuk Yvonne Chia, is the latest SPAC looking to raise RM750mil from a listing on the Main Market of Bursa Malaysia.
SPACs are companies which have no operations or income-generating business at the point of their initial public offering (IPO), undertaking a share offering for the purpose of raising funds to acquire operating companies or assets, otherwise known as a qualifying acquisition (QA).
In its draft prospectus, Asean Healthcare said it intended to acquire at least one secondary or tertiary care hospital with 100 to 500 beds in Malaysia, together with any complementary services attached to such hospitals, for its QA.
While Chia is executive director and chairman, Datuk Chevy Beh, 29, is executive director and MD of the SPAC.
Notably, Datuk Voon Tin Yow, who is the acting president and CEO of SP Setia Bhd, is also an independent non-executive director.
The management team consists of Chia, Beh, Jamaludin Elis, Datuk Dr Maimunah Hamid, Poh Bee Kuan, Leong Choy Fun and Lee Mean Yeit.
The board of directors, meanwhile, consists of Chia, Beh, Jamaludin, Tan Sri Abdul Aziz Abdul Rahman, Mahadzir Azizan, Voon and Dr Lawrence Chan Hon Wah.
The IPO consists of a public issue of 1.5 billion public issue shares, representing about 80% of the enlarged share capital upon listing. The 1.5 billion shares come together with 1.5 billion attached warrants at an issue price of 50 sen each.
The warrants have an exercise price of 50 sen and a lifespan of seven years.
Based on the issue price, the market capitalisation of the company will be about RM937.5mil upon listing.
The retail offering will consist of 112.55 million shares, together with 112.55 million warrants, representing about 6% of the enlarged share capital.
Some 93.75 million shares will be allocated to the Malaysian public via balloting, while 18.8 million shares will be reserved for the independent non-executive directors of the company.
Meanwhile, some 1.39 billion shares, representing 74% of the enlarged share capital, will be placed out to selected investors and foreign institutions.
Chia, Beh and Negrita Holdings, being the joint promoters, will hold 20% of the company.
Chia has an 8% stake, while Beh and Negrita Holdings have 5% and 7% stakes, respectively. Collectively, their investment cost is RM18.75mil or five sen per share.
Besides Chia, the management team members are shareholders of Negrita Holdings.
The joint underwriters for this offering are CIMB Group Holdings Bhd and Hong Leong Investment Bank Bhd.