Hyflux Ltd invests $30 million in advanced manufacturing and technology to step up its global competitiveness and OUE acquires an additional 9.29 per cent stake in International Healthway Corporation Limited in enhance shareholder’s value. Healthway Medical Corporation has received a takeover offer from a Lippo-linked vehicle.
Hyflux invests $30m in advanced manufacturing and technology to boost competitiveness
Hyflux Ltd announced on Tuesday that it is investing $30 million in robotics and automation in an effort to boost global competitiveness.
In a statement to the Singapore Exchange, the group said it invested in a new fully-integrated and automated steel structure fabrication processing line atTuas over the last few years.
The move will enhance operational productivity by over 25 per cent and improve the skill profile of its employees while reducing reliance on foreign labour.
Hyflux also signed a memorandum of understanding with Nanyang Technological University’s Nanyang Environment and Water Research Institute (NEWRI) to collaborate on the commercialisation of advanced membrane technologies and nano filtration applications.
Additionally the group is launching its flagship ELO Lab in Singapore to cater to the country’s growing healthcare and wellness industry. The lab which is expected to open in the third quarter of 2017, is a large-scale facility that will feature 50 individual private suites offering ELO Water therapy sessions.
EDB, Chairman, Dr Beh Swan Gin said, “These projects are very much in line with how EDB intends to work with our Large Local Enterprises to enhance their long term competitiveness and also grow through the creation of new businesses.”
OUE increases stake in IHC to enhance shareholder’s value
OUE Limited has acquired an additional 9.29 per cent stake in International Healthway Corp bringing its total stake in the company to 21.83 per cent.
In a statement, the group said it acquired an estimated 154.13 million ordinary shares at 77 cents per share with the acquisition being seen as an investment opportunity will enhance shareholder’s value.
The consideration will be paid wholly in cash.
Healthway Medical Corporation receives takeover offer
Healthway Medical Corporation has received a takeover offer from a Lippo Group-linked entity known as Gentle Care, which currently maintains a 13.3 per cent equity interest in Healthway.
Healthway Medical operates a network of private medical centres and clinics offering healthcare services in primary healthcare, dental and specialist services.
Gentle Care has offered 4.2 cents in cash each for all the shares of Healthway it does not own. The offer price represents a premium of 5 per cent over the last transacted price of 4 cents on 6 February 2017, prior to trading closing. The offer values Healthway at S$103 million based on its 2.46 billion shares outstanding.
Gentle Care is a wholly-owned subsidiary of Valiant Leader, in addition to being an indirect subsidiary of entities including Lippo China Resources (LCR), Lippo and Lippo Capital. LCR is an investment holding company listed in Hong Kong which is chaired by Stephen Riady.
In the offer document, Lippo and LCR explains that they desire to establish a footprint in Singapore’s healthcare sector. They stated: “The company, as a well-established private healthcare provider in Singapore, matches Lippo’s and LCR’s strategy to establish their presence in the healthcare industry in Singapore and to acquire quality healthcare management capability.”
In January, Healthway Medical proposed to issue GW Active S$10 million in convertible notes and S$60 million in non-convertible notes, using 20 per cent of S$68.3 million in net proceeds raised to repay existing bank borrowings. This is subject to shareholder approval.