KUALA LUMPUR: Sunway Bhd
has in a bourse filing announced its proposal to list its healthcare division under Sunway Healthcare Holdings Bhd (SHH) on the Main Market of Bursa Malaysia by the first quarter of 2026.
SHH is 84%-owned by Sunway City Sdn Bhd (SunCity), which is in turn a direct wholly-owned subsidiary of Sunway, while the remaining 16% stake is held by Greenwood Capital Private Limited.
In conjunction with the listing, Sunway Healthcare said it has proposed to undertake a share split of one SHH share into nine, expanding the number of SHH shares to 10.93 billion.
Following the proposed share split, SunCity will distribute the shares to Sunway and entitled shareholders by way of dividend-in-specie on the basis of one SHH share for every 10 Sunway shares held.
Alongside the proposed distribution, SHH has proposed an initial public offering (IPO) of 1.97 billion SHH shares or 17.2% of the healthcare firm, comprising an offer for sale of up to 1.4 billion existing SHH shares and a public issue of 575.01 million new SHH shares.
The retail portion of the IPO will involve 230 million shares reserved for the Malaysian public, of which 115 million will be reserved for Bumputera investors. Some 115 million shares will be reserved for eligible employees, directors and persons who have contributed to the success of the group via pink form allocations.
Meanwhile, the institutional offering will involve 1.63 billion shares, with 747.51 million to be allocated to Bumiputera investors approved by the Ministry of Investment, Trade and Industry, and 881.1 million shares for institutional and selected investors.
According to the filing, the proceeds of the IPO will go towards the repayment of bank borrowings, working capital purposes and to defray fees and expenses related to the exercise.
Lastly, Sunway Healthcare has proposed to establish an Esos scheme, which will grant Esos options to eligible executive directors and employees of the group.
"The maximum number of new SHH shares which may be made available under the Proposed ESOS shall not exceed in aggregate 5% of the total issued SHH Shares (excluding treasury shares, if any) at any point of time during the duration of the Proposed ESOS," said the filing.
