Its job scope for the contract involves supplying concrete cement and metal for the upgrading of the Train Cargo Terminal at Padang Besar, Perlis, Dolphin said in a filing with Bursa Malaysia.
PETALING JAYA: Malaysia’s Qualitas Medical Ltd is on track for its initial public offering (IPO) on the Singapore Exchange with its valuation still being sorted out by the promoters.
Sources said investment bankers hired by the company, which operates a chain of medical clinics, are currently working towards fixing a price that would be agreeable for its prospective investors as well as the existing shareholders.
“It is a matter of matching expectations on pricing. This is normal as investors have different expectations and it takes time,” said a banker.
Speculation has been rife that Qualitas' listing plans, which is likely to raise more than RM400mil, may be derailed due to tepid response from investors. However the banker denied that the listing was off track.
“The company’s listing on the Singapore stock exchange is still on. It is just a matter of pricing,” said the banker.
According to another wire report last week, the company was likely to go to the market to seek a consensus on pricing its shares through a book building exercise in the first week of April. A listing was speculated to take place later this month.
Qualitas is a regional primary healthcare service provider headquartered in Malaysia with a presence in Australia, Singapore and India. It owns and operates 109 primary care centres, 19 dental clinics, 10 medical imaging centres and one dental laboratory.
Southern Capital, a private equity firm that is controlled by the family of Tan Sri Tan Teong Hean, has an 85% stake in Qualitas. Tan was the former major shareholder and chief executive of Southern Bank until it was taken over by CIMB Group
in 2006.
In March 2015, Qualitas pulled back from a listing plan on Bursa Malaysia without giving any reason.
It is no surprise that Qualitas is seeking a listing in Singapore as healthcare companies tend to garner higher valuations across the Causeway. Also the company will have access to a wider pool of funds.
Qualitas is seeking a listing to expand its business to include ambulatory-care centres, which would carry out same-day procedures to reduce the cost of healthcare. Under the model, patients need not be admitted to hospitals.
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