(From left): Sancy group managing director Izhar Che Mee, Shahril, Prabuddha and Astramina Advisory managing director Datin Wong Muh Rong during the listing ceremony in Bursa Malaysia.
PETALING JAYA: Sancy Bhd
plans to bridge the gap between hospitals and insurance providers in 42 private hospitals by June through its Insurance Data Exchange and Analytical System (IDEAS) platform.
The digital healthcare solutions provider, which shares debut on the LEAP market at 26 sen or a 117% premium over its issue price of 12 sen, said its IDEAS platform would grow rapidly in the coming years.
Sancy group chief executive officer Prabuddha Kumar Pronob Chakravertty said the group is targeting to onboard about 100 hospitals in Malaysia onto the platform by 2024.
He is optimistic that the target can even be achieved by year-end.
Prabuddha said IDEAS integrates the hospital information system (HIS) database of a healthcare provider and the database of an insurance provider.
With this, IDEAS not only has the ability to process a guarantee letter, but also expedites the approval process by insurance providers before a patient is discharged.
“Our objective is to ensure citizens of the country will not have to wait long for admission into hospitals and for discharges,” Prabuddha said after the group’s listing ceremony in Kuala Lumpur yesterday.
Sancy is looking to expand its presence in the country this year by reaching out to more healthcare and insurance providers.
“We are in negotiations with more than five entities, including insurance providers and healthcare providers, to attract them into adopting the IDEAS platform. We are confident of securing several, if not all, of them to be our new customers and we are looking to commence the onboarding procedures by the second quarter of 2023,” he said.
Apart from that, the group is also looking to expand its reach regionally.
“We already have healthcare providers from Pakistan, Thailand, the Philippines, India, Bangladesh and Senegal onboarding the IDEAS platform and the hospital information system. The customers are expected to start contributing significantly to our financial performance in the financial year 2025,” he added.
Prabuddha, via his holdings in Sancy Consulting Sdn Bhd and Sancy Holdings Sdn Bhd, indirectly controls 68% of Sancy post-listing.
Prabuddha and Shahril speaking at a press conference after the group's listing ceremony.
As part of the listing exercise, Sancy has roped in Sapura Energy Bhd’s former chief executive officer Tan Sri Shahril Shamsuddin as its strategic shareholder, who will also serve as Sancy’s non-executive chairman.
Shahril and his vehicle Sapura Capital Sdn Bhd have invested about RM13.27mil for a 20.25% stake.
“I am investing in Sancy due to its sound management, and I also personally see a lot of potential in the medical information technology (IT) business.” I aim to make Malaysia as a technology hub for talented IT partners to leverage on Bursa Malaysia as the platform for fundraising and listing,” Shahril added.
Sancy has raised RM7.67mil in proceeds, which would be utilised for working capital, technology research and development activities among others.
Prabuddha is confident the group would deliver double-digit growth for both top and bottom lines in its financial year ending March 31, 2024.
