The Securities Commission Malaysia (SC) has given its approval for Sunway Healthcare Holdings Bhd (SHH) to be listed on the Main Market of Bursa Malaysia.
SHH is currently an 84%-owned joint venture under Sunway City Sdn Bhd (SunCity), which is wholly owned by Sunway Bhd. The remaining 16% stake is held by Singapore-based Greenwood Capital Pte Ltd.
As part of the listing exercise, SHH will undertake a share split, increasing its number of shares from 1.2 billion to 10.9 billion without changing its total share capital. Following the share split, SunCity will distribute its SHH shares to Sunway through a dividend-in-specie.
The proposed initial public offering (IPO) will involve up to 1.97 billion SHH shares. This includes an offer for sale of up to 1.39 billion existing shares — representing 12.1% of SHH’s enlarged share base — as well as a public issue of 575 million new shares, or 5% of the enlarged share base, which will be offered to both retail and institutional investors.
In its filing to Bursa Malaysia today, Sunway confirmed that the SC had also approved SHH’s listing in line with the Bumiputera equity requirements for public-listed companies.
SHH will allocate at least 50% of the shares offered to Malaysian retail investors (via balloting) specifically to Bumiputera investors under the retail portion of the IPO.
Sunway added that Maybank Investment Bank, AmInvestment Bank and SHH will still need to obtain Bursa Securities’ approval regarding SHH’s public shareholding spread ahead of the listing.
“Maybank IB, AmInvestment Bank and SHH are required to notify the SC in writing on the final number of SHH shares relating to the proposed listing before the prospectus is registered,” the group said.
