Apex Healthcare Bhd has received a takeover offer of RM2.64 per share from its major shareholder in partnership with Singapore-based private equity firm Quadria Capital Investment Management Pte Ltd.
The consortium, led by Dr Kee Kirk Chin—Apex Healthcare’s current CEO—plans to acquire the remaining 708.51 million shares, or 98.24% of the company not already owned by them, effectively taking the pharmaceutical group private.
The offer price represents a slight 0.76% premium over Friday’s closing price of RM2.62, and on a volume-weighted basis, it is 6.58% above the past month’s average price and 12.83% higher than the six-month average. Kee’s private vehicle, Apex Pharmacy Holdings Sdn Bhd, which holds a 39.58% stake, has already agreed to accept the offer, along with other connected shareholders including his brother Kee Kirk Chuen and Tan Su-Ann.
Acquiring the remaining 407.3 million shares, representing 56.47% of Apex Healthcare, would cost the consortium approximately RM1.08 billion.
Apex Healthcare, established in 1962 by Kee’s father, Kee Tah Peng, is primarily involved in manufacturing off-patent generic pharmaceuticals and medical devices and also serves as a contract manufacturer for major pharmaceutical companies. The consortium has stated it does not intend to maintain the company’s listing on Bursa Malaysia, and the offer will become compulsory once 90% ownership is achieved.
With support from Australian investment firm WHSP Holdings Pty Ltd, which owns a 29.5% stake, the consortium has secured commitments from shareholders controlling over 73% of the company.
Shares of Apex Healthcare rose four sen, or 1.55%, to RM2.62 before trading was suspended on Friday following the announcement, giving the company a market value of RM1.89 billion.
