IFC may back IPO of Khazanah’s healthcare arm
International Financial Corp (IFC), the private investment arm of the World Bank, is planning to invest in the proposed $1.5 billion IPO of Malaysia's Integrated Healthcare Holdings (IHH), which is owned by Khazanah Nasional.
IFC's board is scheduled to make a decision on the investmenet - which would help validate IHH's emerging markets strategy - by June 12.
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 and the company has already started to invite investors to submit expressions of interest in subscribing for its shares, Reuters reported.
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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