Qualitas Healthcare Corp Bhd has placed its listing plans on hold, as it intends to wait for improved market sentiment to carry out its initial public offering (IPO).
Chairman and managing director Dr Noorul Ameen said Qualitas does not have a timeline for its IPO, and is not looking to rush it either.
““It won’t be anytime soon for us to conduct a corporate exercise. It may be six months from now, [or] maybe a year,” he commented.
“It would be pointless for us to go to the market now and not get the valuation that we aim for,” he told reporters, after the launch of its loyalty card with BLoyalty Sdn Bhd in conjunction with World Heart Day on Thursday.
Noorul said despite the overall the depressed sentiment, there were many institutions showing interest in Qualitas before the IPO plan was shelved.
He noted that the group did not want to risk disappointing its investors if its share price falls after the company goes public.
“We had enough investors to do an IPO, but whether there would be enough support post-listing was the question. How are our investors going to react to that? We didn’t want to disappoint them,” he said, noting firm interest from foreign investors.
Noorul conceded that Qualitas’s expansion plan is not proceeding at the rate it had hoped for due to the absence of a fundraising exercise.
The group has near-term plans to expand geographically and its range of services provided.
“[For one,] we are in the process of setting up ambulatory services, which means you don’t have to be admitted (into a hospital). People today still go to the hospital to perform minor surgeries which are expensive,” Noorul said.