Malaysia's Asian Healthcare Group plans to raise $219mn via IPO
02/12/2014 18:20
Malaysia's Asian Healthcare Group Bhd said it plans to raise up to 750 million ringgit (USD 219.17 million) with a special purpose acquisition vehicle (SPAC) to tap rising demand for private healthcare from Asia's burgeoning middle class, reported media. A SPAC is a shell company with no assets, set up with the intention of buying firms, usually within 3 years of listing, that later will be folded into the business, as per the media reports. The healthcare SPAC will use at least 95 percent of funds raised from the IPO to acquire at least one hospital providing secondary or tertiary care with a capacity of 100 to 500 beds, according to its draft prospectus filed with the Securities Commission on Tuesday. Asian Healthcare Group, led by former banker Yvonne Chia, said it planned to capitalise on Malaysia's growing middle class and high-income earners, the medical tourism sector and strong demand for private healthcare providers. The company intends to retain Malaysia as its focus for the first few years, before looking for partners to venture into Indonesia, Thailand and Singapore.
02/12/2014 18:20
Malaysia's Asian Healthcare Group Bhd said it plans to raise up to 750 million ringgit (USD 219.17 million) with a special purpose acquisition vehicle (SPAC) to tap rising demand for private healthcare from Asia's burgeoning middle class, reported media. A SPAC is a shell company with no assets, set up with the intention of buying firms, usually within 3 years of listing, that later will be folded into the business, as per the media reports. The healthcare SPAC will use at least 95 percent of funds raised from the IPO to acquire at least one hospital providing secondary or tertiary care with a capacity of 100 to 500 beds, according to its draft prospectus filed with the Securities Commission on Tuesday. Asian Healthcare Group, led by former banker Yvonne Chia, said it planned to capitalise on Malaysia's growing middle class and high-income earners, the medical tourism sector and strong demand for private healthcare providers. The company intends to retain Malaysia as its focus for the first few years, before looking for partners to venture into Indonesia, Thailand and Singapore.
