Healthway Medical loses free float; pending application to delist from SGX
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The private healthcare provider has more than 100 clinics in its network.
PHOTO: ST FILE
SINGAPORE - The total number of issued shares of Healthway Medical held in public hands has fallen to less than the 10 per cent free float requirement, putting it on track to delist from the Singapore Exchange.
This is based on the aggregate number of three billion shares, or 65.3 per cent of the total shares, held by OUE Healthcare and its concert parties as at 6pm on Tuesday, said the company on Thursday.
Earlier in July, OUE Healthcare (OUEH) said it will spend up to $66.1 million to delist Healthway Medical via a voluntary conditional offer as it looks to streamline its operations.
At the time, OUEH and its concert parties held around 42.28 per cent of Healthway Medical’s total shares.
OUEH had said the offer will enable the group to “harness potential synergies” with Healthway Medical to deliver comprehensive healthcare services across preventive, interventive, diagnostics, treatment, aftercare and other ancillary healthcare services.
Its offer was made through its wholly owned subsidiary OUEH Investments – a special purpose vehicle incorporated for the purposes of the exit offer.
Healthway Medical on Thursday noted that OUEH Investments intends to delist the company, regardless of the acceptance level of the exit offer.
The offeror does not intend to lift a potential trading suspension either.
OUEH Investments’ privatisation offer turned unconditional in all respects on Sept 28.
The delisting application was made on Oct 3 and the company will update on the outcome in due course.
The exit offer of 4.8 cents per offer share will remain open for acceptance until 5.30pm on Oct 26, which will not be extended.
Any applications received after the closing time will be rejected.
Healthway Medical, a private healthcare provider, has more than 100 clinics in its network, including general practitioners and family medicine clinics, offering health screening, specialist, dental and allied healthcare services.
Its shares closed at 4.8 cents on Thursday. THE BUSINESS TIMES
