SINGAPORE (Reuters) -Malaysian conglomerate Sunway said on Friday it planned to list its healthcare division, Sunway Healthcare Holdings, on the Bursa Malaysia stock exchange by the first quarter of 2026.
In January, Reuters reported that Sunway Healthcare was working on a Malaysian initial public offering worth more than 3 billion ringgit ($713 million).
The IPO involves 1.97 billion shares, 1.4 billion offered for sale and 575 million new shares issued to retail and institutional investors, Sunway said in a stock exchange filing.
Sunway’s SunCity unit, which holds a stake of 84% in Sunway Healthcare, with Greenwood Capital holding the rest, are the sellers of the secondary shares, the filing showed.
IPO proceeds will fund capital expenditure for expansion of existing hospitals and construction of new hospital, among other plans.
Sunway Healthcare has five hospitals with capacity of 1,818 beds and plans to add three more hospitals to reach total capacity of more than 3,400 beds by 2032, its filing showed.
Shares of Sunway were down 0.2% at 4.93 ringgit per share on Friday, outperforming a drop of 0.7% in the benchmark index.
($1=4.2050 ringgit)
(Reporting by Roshan Thomas in Bengaluru and Yantoultra Ngui in Singapore; Editing by Clarence Fernandez)
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