Miti offers 360m IHH shares to Bumi investors
KUALA LUMPUR, May 17 — The Ministry of International Trade and Ministry (MITI) is offering 360 million shares of the upcoming public listing of Integrated Healthcare Holdings (IHH) to approved Bumiputera investors with at least RM3 million in capital.
IHH, which is going for a dual-listing in Kuala Lumpur and Singapore, is widely tipped to be the second largest initial public offering (IPO) this year, with reports estimating the fund raising exercise to generate about RM4.5 billion.
MITI said that interested Bumiputera parties would have to comply with the Capital Markets and Services Act (CMSA) and individuals must have at least RM3 million in assets while corporations would be required to have at least RM10 million.
The closing date for Bumiputeras to apply for IHH shares is June 5 and CIMB is the advisor to the deal.
As part of Prime Minister Datuk Seri Najib Razak’s economic reforms in 2009, the long-standing policy of reserving a 30 per cent Bumiputera quota for new IPOs was lifted.
The Edge Financial Daily also quoted sources today saying that the offer is “voluntary” and IHH is not required to fulfil the Bumiputera quota of the listing.
Khazanah gained control of IHH in 2010 after a highly-profile battle with India’s Fortis Healthcare.
IHH is said to be the second-largest private healthcare provider in the world outside the US in terms of number of beds after it acquired a 75 per cent stake in Turkey’s Acibadem Group, which operates 13 hospitals and nine clinics in Turkey, earlier this year.
Khazanah owns 62 per cent of IHH, while Japan’s Mitsui & Co owns 26.6 per cent, Dubai’s Abraaj Capital 7.1 per cent and Acibadem chief Mehmet Ali Aydinlar the remaining 4.2 per cent.