SC Gives Nod To Sunway Healtcare's Bursa Main Market Listing

KUALA LUMPUR, Dec 5 (Bernama) -- The Securities Commission Malaysia (SC) has approved the proposed listing of Sunway Healthcare Holdings Bhd (SHH) on the Main Market of Bursa Malaysia Securities Bhd.

Currently, SHH is a direct 84 per cent-owned joint venture company of Sunway City Sdn Bhd (SunCity), which in turn is a wholly owned unit of Sunway Bhd (Sunway). The remaining 16 per cent stake in SHH is held by Singapore-based Greenwood Capital Pte Ltd. 

As part of the exercise, SHH will carry out a pre-initial public offering (IPO) share split from 1.2 billion shares to 10.9 billion without affecting its issued share capital.

After the proposed share split, SunCity will distribute the distribution shares to Sunway by way of dividend-in-specie.

The proposed IPO will involve up to 1.97 billion SHH shares, comprising an offer for sale of up to 1.39 billion existing shares, representing 12.1 per cent of the enlarged number of issued shares, and a public issue of 575 million new shares, representing five per cent of the enlarged number of issued shares, to retail and institutional investors.

In a filing to Bursa Malaysia today, Sunway said the SC had also approved the proposed listing of SHH under the Bumiputera equity requirement for publicly listed companies.

It said SHH is to make available at least 50 per cent of the SHH shares offered to the Malaysian public investors via balloting to Bumiputera public investors pursuant to the proposed retail offering.

Sunway also stated that Maybank Investment Bank Bhd, AmInvestment Bank Bhd and SHH will have to obtain approval from Bursa Securities for the public shareholding spread of SHH in relation to the proposed listing.  

“Maybank IB, AmInvestment Bank and SHH to notify the SC in writing, the finalised number of SHH Shares in relation to the proposed listing of SHH prior to the registration of the prospectus,” it added.

-- BERNAMA