SINGAPORE - The Singapore stock market is set to see its first medical eyecare service provider listed here.
ISEC Healthcare, which has ambulatory surgical centres in Malaysia and Singapore, announced on Tuesday that it will list on the Catalist board via a placement of 70 million shares at $0.28 each.
The company expects to raise about $16.3 million in net proceeds to fund its business expansion plans across the Asia Pacific region in the upcoming year.
Locations such as Indonesia, Myanmar, Philippines and Taiwan have come up as "markets with high growth potential", said Dr Lee Hung Ming, ISEC's executive vice chairman. This is as income levels and affluence in the region continue to rise, and more people gain awareness on eye diseases and the various treatments available, he added.
The placement, which represents 15.3 per cent of ISEC's enlarged share capital of 453.8 million shares, will give the company a market capitalisation of $128.38 million.
While the group does not have a formal dividend policy, it intends to pay out at least a quarter of its net profits to shareholders on an annual basis, depending on certains factors such as actual and projected financial performance, projected capital expenditure, other investment plans and plans for expansion.
ISEC reported revenue of $22.3 million for the financial year ended Dec 31 last year, 8.4 per cent more than the $20.6 million from the previous year.
For the three months ended March 31 this year, the company's revenue stood at $5.9 million, up from the $5.1 million logged in the same quarter last year.