Berjaya Corp to raise S$30mil from Singapore medical services provider IPO

KUALA LUMPUR: Berjaya Corporation Bhd (BCorp) has proposed sub-dividing every one existing Singapore Institute of Advanced Medicine Holdings Pte Ltd (SIAMH) share and one convertible preference share on a basis to be determined later based on an initial public offering (IPO) price of at least SG$0.20 apiece.

SIAMH is its indirect 51.62 per cent-owned subsidiary which BCorp proposed to list on SGX's Catalist Board a few months ago.

In a filing with Bursa Malaysia, BCorp said assuming a minimum IPO price of SG$0.20 and a maximum gross proceeds of SG$30 million to be raised, the proposed share split will involve a three-for-one for every one existing SIAMH share, and one existing convertible preference share.

BCorp said the net cash proceeds will be used to purchase new equipment and facilities, upgrade systems, expand its team and services.

BCorp said the exercise will increase SIAMH's financing flexibility to fund its growth and expansion, raise its profile and improve its corporate stature. The proposed listing is expected to be completed by the fourth quarter of 2022.

Mercury Securities Sdn Bhd is BCorp’s principal adviser on the Malaysian regulatory requirements, while PrimePartners Corporate Finance Pte Ltd is SIAMH's sponsor, issue manager, underwriter and placement agent. - Bernama