BCorp’s medical services unit in Singapore to conduct stock split ahead of IPO

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KUALA LUMPUR (September 12): Berjaya Corp Bhd (BCorp) has announced that its subsidiary, Singapore Institute of Advanced Medicine Holdings Pte Ltd (SIAMH), will conduct a stock split ahead of its listing on the Catalist Board of the Singapore Stock Exchange.

The stock split will affect existing shares and convertible preferred stock (CPS) of SIAMH, BCorp said, adding that the basis for the split can only be finalized when the issue price for the IPO price ( IPO) will be determined by an independent body. 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 stock split will involve the subdivision of each existing SIAMH share and one existing CPS into three subdivided SIAMH shares and three subdivided CPS into SIAMH respectively,” BCorp said in a stock market filing.

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

After completion of the stock split and the conversion of the convertible securities, SIAMH will then proceed with the IPO exercise.

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

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 acquisition of new equipment and facilities and the upgrading of systems and other facilities at SIAMH Group medical clinics, BCorp said.

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

SIAMH should be an associate of BCorp once registration is complete.

SIAMH, which was incorporated in November 2011, is primarily involved in the provision of medical diagnosis and treatment as well as radiotherapy and medical oncology services.

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