KUALA LUMPUR: Sunway Group could be looking at a dual-listing for its newly listed health arm, Sunway Healthcare Holdings Bhd.
Founder and chairman Tan Sri Sir Dr Jeffrey Cheah said both the Singapore Exchange and the Hong Kong Stock Exchange had spoken to the group about a possible listing in the past.
“We are not saying no, but we will study the situation and see what is best for us. Right now, there is no compelling reason for us to do this.
“We will continue to focus on the business and revisit it when the time is right,” he said after Sunway Healthcare’s listing on the Main Market of Bursa Malaysia here yesterday.
He added there is no time frame set for this as of yet.
Sunway Healthcare president Datuk Lau Beng Long said the newly listed entity has a good portfolio mainly because of its brand, thus, giving merit to its high valuations.
He said some of the key reasons included the group’s expertise in making new hospitals profitable, and it’s clear strategies for growth and expansion.
Sunway Healthcare currently has five private hospitals – with three more earmarked for construction to begin.
The new hospitals will be constructed in Putrajaya, Seremban and Iskandar Puteri.
“The greenfield projects may be a little challenging, but we’ve got a good track record. We turn around at the earnings before interest, taxes, depreciation, and amortisation (Ebitda) level very quickly,” he said.
Lau gave examples of the recently opened hospital in Kota Damansara in December 2024 – in August 2025, the hospital achieved its first Ebitda positive results, and reached profit-before-tax within 13 months.
Sunway Healthcare’s chief financial officer Chelsea Cheng told StarBiz plans for the three new hospitals are getting finalised and should be ready to come online from 2030.
“For the current five hospitals, we are still looking at expanding those, likely by 2028. We should have about 3,500 licensed beds all up then.
“For instance, Sunway Medical Centre Ipoh has about eight acres of land but only three acres have been used up so far. We can still construct more.
“Even Sunway Medical Centre Damansara is being explored for expansion as the land beside it is a driving range right now. The demand for our hospitals has been good,” she said.
On the topic that Sunway Healthcare may be tipped for an inclusion on the FBM KLCI, Cheng said should the strong demand and interest remain on the group, she reckons it is possible.
Recently, CIMB Securities noted under FBM KLCI’s ground rules, the lowest-ranked constituent will be removed if a new listing’s market cap exceeds it on the first day of closing.
Sunway Healthcare stock opened at RM1.70 per share, representing a 17.2% premium over its IPO price of RM1.45, aiming to raise RM2.86bil.
At close, it traded at RM1.85, up 40 sen or 27.8%, valuing the group at more than RM21bil.
The group’s listing yesterday marked Malaysia’s largest initial public offering (IPO) in nine years since Lotte Chemical Titan Holdings listed in 2017.
This was also the second largest IPO in Asean’s healthcare sector to date.
Lau said the group’s hospitals had consistently seen strong demand, further buoying them for their future ventures in the healthcare sector.
“We’re able to attract very capable, highly skilled consultants and specialists – as you know that is a very important component in any hospital,” he said.
He also said nurses played a critical role in the sector, but unfortunately there’s been a worldwide shortage in recent years.
“We’ve had Malaysian nurses working abroad who are looking at coming back. And because we are leaders in the sector, it puts us in a good position to attract these nurses,” Lau said.
Cheah said he has personally been on a journey of speaking to locals who work in some of the top hospitals and centres in the world.
“We are actively engaging with some from top hospitals in Melbourne, and I recall speaking to some doctors from Cambridge who said their skills might not be of use if they came back to Malaysia. So I offered to create the ecosystem for them,” he said.
He also noted that in order to remain competitive within the sector globally, Sunway Healthcare has not held back in the pursuit of the latest machinery or technology.
“We are constantly upgrading not only in terms of people’s skills but also machinery. Our equipment and technology used matches the best centres in the world,” he said.
