Private investors back IPO of Khazanah’s healthcare arm
Blackrock, Capital Group and Och-Ziff Capital Management Group have agreed to become cornerstone investors in the proposed $2 billion IPO of Malaysia's Integrated Healthcare Holdings (IHH), which is owned by Khazanah Nasional.
Government of Singapore Investment Corporation (GIC), Fullerton Fund Management, AIA Group and Hwang Investment Management will also back the listing as cornerstone investors, according to sources cited by Reuters.
Additionally, International Financial Corp (IFC), the private investment arm of the World Bank, has said it is planning to invest in the IPO, and was scheduled to make a decision on the deal - which would help validate IHH's emerging markets strategy - by Tuesday.
Based in Kuala Lumpur, IHH has been sponsored by a number of private investors. Japan's Mitsui & Co owns a 26.6% in the company, while Dubai-based Abraaj Capital and Acibadem chief Mehmet Ali Aydinlar hold 7.1% and 4.2%, respectively. The remaining 62.1% is owned by Khazanah, Malaysia's sovereign wealth fund.
IHH's assets include Turkish hospital group Acibadem, Singapore's Parkway Holdings, India's Apollo Hospitals Enterprise and Malaysia-based Pantai Hospitals and International Medical University. In addition to its hospital business, the company also pursues a range of healthcare-related initiatives, including institutions that provide education in medical care and ventures that support the development of new drugs.
IHH is expected to list in Singapore and Malaysia by the end of July. The IPO is set to be the fourth-largest ever seen in Singapore, and Malaysia's second-largest this year, after the planned listing of Malaysian plantation group Felda Global Venture Holdings.
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