Malaysia’s Sime Darby healthcare unit picks banks for $300m IPO

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Ramsay Sime Darby Health Care Sdn. has picked arrangers for an initial public offering in Malaysia that could raise about $300 million, according to people with knowledge of the matter.

Credit Suisse Group AG, Malayan Banking Bhd. and Morgan Stanley have been chosen to work on the planned listing of the health care firm, said the people, who asked not to be identified as the information is private. The share sale in Kuala Lumpur could take place as soon as the second half of this year, the people said.

Ramsay Sime could add more banks to the lineup later, the people said. Deliberations are ongoing and hence details of the offering including size and timeline could still change, they said.

The mandates follow Malaysian conglomerate Sime Darby Bhd.’s earlier discussions with potential advisers for spinoff plans of the health care unit that it jointly owns with Australia’s largest private hospital operator Ramsay Health Care Ltd., Bloomberg News reported in October.

Ramsay Sime is in the process of appointing several financial advisers for a preliminary review of strategic options, a representative for Sime Darby said in response to Bloomberg News query on Monday. Representatives for Credit Suisse, Maybank and Morgan Stanley declined to comment.

An offering could see the hospital operator joining glove makers Harps Holdings Sdn. and Smart Glove Corp. as well as property firm Iskandar Waterfront Holdings Sdn. in seeking to list in Malaysia this year. Companies raised about $487 million through first-time share sales in the Southeast Asian nation in 2020, up from $458 million a year earlier, according to data compiled by Bloomberg.

Ramsay Sime was set up in 2013 to hold Sime Darby and Ramsay Health’s combined portfolio of hospitals in Southeast Asia. It operates six hospitals in Malaysia and Indonesia as well as a day surgery facility in Hong Kong, according to Sime Darby’s annual report. The joint venture, which posted profit of 39 million ringgit ($9.6 million) in the financial year 2020, also runs a nursing college in Malaysia.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.