PETALING JAYA: The listing of IHH Healthcare Bhd will see Khazanah Nasional Bhd raking in RM4.9bil in the form of unrealised profit via the 62% stake it holds in the international health service provider company, according to a Bernama report.
In its exposure prospectus released on the Securities Commission website yesterday, IHH's listing will tentatively take place on July 25, with a public issue offering of 1.8 billion new ordinary shares and offer for sale of 434.65 million existing shares.
Thus the total number of shares after listing will total 2.23 billion shares. The public offering will go to institutions, the Malaysia public, a Singapore offering and the cornerstone offering.
IHH said the application for the initial public offering (IPO) shares under the Malaysia public offering would open on July 4 until July 11.
The global institutional tranche will also begin on July 4, but close on July 12.
The institutional price, (which will be denominated in ringgit) will be determined by a bookbuilding process. This bookbuilding process will begin on July 4 until July 12.
The final retail price will be determined after the institutional price is fixed on the price determination date and shall equal the institutional price.
The global offering of up to 2.23 billion shares in IHH comprises of a public issue of 1.8 billion shares by IHH and an offer for sale of up to 434.65 million offer shares.
There will be an offer of 80.57 million shares or 1% of the enlarged share capital to the Malaysian public and another 80.57 million shares to the bumiputera Malaysian public via balloting.
The Singapore public offering will consist of 52 million shares or 0.65% of the enlarged share capital while the Singapore placement will take up 36 million shares or 0.45%.
The institutional placement will take up 498.01 million shares or 6.18% of the enlarged share capital of the company.
Out of this, the tranche to the International Trade and Industry Ministry (MITI) will take up 360 million shares while the global institutional tranche takes up 138.01 million shares.
Meanwhile, the cornerstone offering involves a total of 1.39 billion shares or a 17.22% stake that will be offered to 22 local and foreign cornerstone investors.
None of the cornerstone investors will individually acquire 5% or more of the issued and paid-up share capital of the company immediately after the global offering under the cornerstone placement agreements.
However, each of the Employees Provident Funds Board and the Kuwait Investment Authority will acquire 5% or more of the IPO shares under the global offering.
Some of the cornerstone investors include AlA Singapore Private Limited, Blackrock Investment Management, LLC, CMY Capital Markets Sdn Bhd, Employees Provident Fund Board, The Government ofSingapore Investment Corporation Pte Ltd, Kencana Capital Sdn Bhd, Lembaga Tabung Haji and Permodalan Nasional Bhd.
Some 90% of the IPO proceeds will be used for repayment of borrowings while another 5.4% will be utilised for working capital.
IHH's subsidiary, Parkway Pantai Limited (PPL), is one of Asia's largest private healthcare providers and operates in six countries across Singapore, Malaysia, China, Hong Kong, India, Vietnam and Brunei.
It has a total network of 16 hospitals with more than 3,000 beds, over 60 medical centres, clinics, and ancillaries in Singapore.
PPL is the largest private healthcare provider with a market share of approximately 43.9% as at Dec 31, 2011 in terms of the number of licensed beds, according to Frost & Sullivan.
Source: Star Online