BCorp's Singapore medical services unit to undertake share split ahead of IPO

KUALA LUMPUR (Sept 12): Berjaya Corp Bhd (BCorp) has said its subsidiary, Singapore Institute of Advanced Medicine Holdings Pte Ltd (SIAMH), will undertake a share split ahead of its listing on the Catalist Board of the Singapore Exchange.

The share split will involve SIAMH's existing shares and convertible preference shares (CPS), said BCorp, adding that the basis of the subdivision can only be finalised when the issue price for the initial public offering (IPO) price is determined by way of an independent book-building exercise.

"Assuming a minimum IPO price of 20 cents (65 sen) and maximum gross proceeds of S$30 million to be raised under the proposed listing, the proposed share split will involve the subdivision of every one existing SIAMH share and one existing CPS into three subdivided SIAMH shares and three subdivided CPS in SIAMH respectively," said BCorp in a bourse filing.

BCorp, which currently owns a 51.62% stake of SIAMH, said the subsidiary will also undertake conversion of its CPS and other existing convertible securities.

After the completion of the share split and conversion of the convertible securities, SIAMH will then undertake the IPO exercise.

The exact number of new SIAMH shares to be issued is not determined yet, said BCorp.

Assuming a minimum IPO price of 20 cents per share, the group expects maximum gross proceeds of S$30 million.

Of the proceeds, S$5 million will be used for the acquisitions of new equipment and facilities and upgrading of systems and other facilities in the SIAMH Group's medical clinics, said BCorp.

The remaining proceeds will be used for the expansion of professional teams and services, working capital, repayment of bank borrowings and other listing expenses.

SIAMH is expected to be an associated company of BCorp upon completion of the listing.

SIAMH, which was incorporated in November 2011, is principally involved in the provision of medical diagnostics and treatments as well as radiation therapy and medical oncology services.