KUALA LUMPUR: Government investment arm, Khazanah Nasional Bhd, has emerged as the controlling stakeholder of Singapore's healthcare group, Parkway Holdings Ltd, after securing 95 per cent take-up rate in its voluntary general offer (VGO) for the latter.
In a statement here Tuesday, Aug 17 Khazanah said this would further enhance its presence in the healthcare industry in the region.
The VGO offer by Integrated Healthcare Holdings Ltd (IHHL) was initially launched as a partial offer for 313 million shares of Parkway at S$3.78 per share on May 27, 2010.
IHHL is a unit of Integrated Healthcare Holdings Sdn Bhd (IHHSB), which in turn is Khazanah's main healthcare investment holding company.
However, it was revised to a VGO for all the remaining shares in Parkway not already owned by IHHL on the July 26, 2010 at a revised price of S$3.95 per share, representing an increase of less than 4.5 per cent.
The acquisition will be funded via internally-sourced equity by Khazanah and locally-funded non-recourse debt at IHHL, with a target debt/equity structure for IHHSB Group of approximately 50:50.
A portion of the equity funding by Khazanah was partially funded by the recent S$D1.5 billion sukuk issuance in Singapore, it said.
Going forward, Khazanah said, it would consolidate its existing healthcare assets, including Pantai Holdings Bhd, International Medical University (IMU) and Apollo Hospitals Enterprises Ltd under IHHSB, its newly-established platform for its investments in the healthcare sector.
"With this portfolio of leading healthcare assets in the region, IHHSB is uniquely positioned as the best-in-class healthcare provider with a growing footprint of high quality assets across Asia and as the dominant private healthcare provider in Malaysia, Singapore and India as well as with presence in China, Brunei and Abu Dhabi," it said.
Khazanah gave an assurance that healthcare prices would not change as a result of this acquisition.
Meanwhile, Khazanah said Tan Sri Abu Bakar Suleiman, who is currently president of IMU, would assume the chairmanships of IHHSB and IMU in the course of the year.
Datuk Azlan Hashim, who is currently a director of Parkway and chairman of Pantai, will hand over his position as the chairman of Pantai to focus on his role at Parkway.
Azlan will also serve on the board of IHHSB.
Khairil Anuar Abdullah, who has served as Khazanah's nominee on the Apollo board since 2005 will also join the board of IHHSB. - Bernama
In a statement here Tuesday, Aug 17 Khazanah said this would further enhance its presence in the healthcare industry in the region.
The VGO offer by Integrated Healthcare Holdings Ltd (IHHL) was initially launched as a partial offer for 313 million shares of Parkway at S$3.78 per share on May 27, 2010.
IHHL is a unit of Integrated Healthcare Holdings Sdn Bhd (IHHSB), which in turn is Khazanah's main healthcare investment holding company.
However, it was revised to a VGO for all the remaining shares in Parkway not already owned by IHHL on the July 26, 2010 at a revised price of S$3.95 per share, representing an increase of less than 4.5 per cent.
The acquisition will be funded via internally-sourced equity by Khazanah and locally-funded non-recourse debt at IHHL, with a target debt/equity structure for IHHSB Group of approximately 50:50.
A portion of the equity funding by Khazanah was partially funded by the recent S$D1.5 billion sukuk issuance in Singapore, it said.
Going forward, Khazanah said, it would consolidate its existing healthcare assets, including Pantai Holdings Bhd, International Medical University (IMU) and Apollo Hospitals Enterprises Ltd under IHHSB, its newly-established platform for its investments in the healthcare sector.
"With this portfolio of leading healthcare assets in the region, IHHSB is uniquely positioned as the best-in-class healthcare provider with a growing footprint of high quality assets across Asia and as the dominant private healthcare provider in Malaysia, Singapore and India as well as with presence in China, Brunei and Abu Dhabi," it said.
Khazanah gave an assurance that healthcare prices would not change as a result of this acquisition.
Meanwhile, Khazanah said Tan Sri Abu Bakar Suleiman, who is currently president of IMU, would assume the chairmanships of IHHSB and IMU in the course of the year.
Datuk Azlan Hashim, who is currently a director of Parkway and chairman of Pantai, will hand over his position as the chairman of Pantai to focus on his role at Parkway.
Azlan will also serve on the board of IHHSB.
Khairil Anuar Abdullah, who has served as Khazanah's nominee on the Apollo board since 2005 will also join the board of IHHSB. - Bernama
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