LYC plans to list unit in Singapore

PETALING JAYA: LYC Healthcare Bhd proposed to list its 64.5% owned Singapore-based subsidiary, LYC Medicare (Singapore) Pte Ltd (LYCSG), on the Catalist Board of the Singapore Exchange (SGX) by the first half of this year.

Zico Capital Pte Ltd will act as the sponsor and issue manager appointed by LYCSG for the proposed listing.

In a filing with Bursa Malaysia yesterday, LYC said its board will seek approval from the shareholders of LYC for the proposed listing.

The listing constitutes a deemed disposal by LYC arising from the dilution of its equity interest in LYCSG.

Prior to and in conjunction with the listing, LYCSG plans to undertake a subdivision of its existing ordinary shares at a rate to be subject to the determination of final issue price and the basis of pricing for the proposed listing.

Under Rule 429 of Section B: Rules of Catalist of the Listing Manual of the SGX-ST, the issue price of equity securities for which a listing is sought must be at least S$0.20 (65 sen) per share.

Based on this minimum price, the proposed listing would raise gross proceeds of at least S$11.2mil (RM36mil).

The bulk of the money raised from the listing will be used to repay shareholder advances and expansion of business organically or via mergers and acquisitions, joint ventures and/or strategic partnerships, LYC said.