The Tamesis
Sunway Medical Center is located in Ipoh, north of Kuala Lumpur.
Provided by Sunway Healthcare
Sunway Healthcare Holdings——Malaysian billionaire’s unit Jeffrey Xie’s Sunway Group raised 2.9 billion ringgit ($736 million) in an IPO in what could be the country’s largest initial share sale in nearly a decade.
The company plans to sell up to 1.97 billion shares, including 575 million new shares, at a price of RM1.45 per share. The IPO starts today, and the share sale to retail investors will end on March 5, with the sale to institutional investors the next day. Sunway Healthcare will begin trading on Bursa Malaysia on March 18.
The IPO values Sunway Healthcare at RM16.7 billion, according to a company, making it Malaysia’s second-largest healthcare company after IHH Healthcare prospectus Published on Friday. The company currently operates five hospitals in Malaysia.
Sunway Healthcare, which is part-owned by Singapore sovereign wealth fund GIC, will use proceeds from the IPO to partially fund expansion plans that include expanding existing hospitals and building three new hospitals. When these projects are completed, the company’s bed count will increase by 72% to 3,400 by 2032.
One of Sunway Healthcare’s upcoming projects is a 401-bed hospital in the southern Malaysian state of Johor. The project is scheduled to be completed in 2032 and is part of a special economic zone jointly developed by Malaysia and Singapore. Separately, Singaporean billionaire Peter Lim’s Thomson Medical Group is building a 500-bed hospital in Johor, a 18 billion ringgit project that includes a hotel, residential towers and commercial space.
Sunway Healthcare is part of the Sunway Group, which Mr Chia transformed from an obscure tin mining company into one of Malaysia’s largest conglomerates with interests in construction, education, healthcare, infrastructure and real estate. With a real-time net worth of $5.6 billion, Cheah is one of the richest people in the country.
