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27-28 May 2010

Malaysia’s state investor to buy Singapore’s Parkway stake

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Malaysia’s government-linked investment company Khazanah Nasional Bhd, through its wholly owned Integrated Healthcare Holdings Ltd, has proposed to acquire 313 million shares in healthcare services group Parkway Holdings Ltd for S$1.18bil (RM2.76bil) or S$3.78 per share, according to a report in the StarBiz, a local business daily online.

The cash offer represents a 25.2% premium to Parkway’s closing price on May 26 of S$3.02 per share and a 60.9% premium over the company’s 12-month volume weighted average price of S$2.35 per share.

This move, if successful, would see Khazanah holding 51.5% stake in one of Asia’s leading healthcare providers with a network of 16 hospitals and more than 3,400 beds.

CIMB Bank Bhd and Deutsche Bank AG said in a joint announcement to the Singapore stock exchange yesterday on behalf of Integrated Healthcare that the company held a 23.8% stake while parties acting in concert held a further 0.3% stake in Parkway.

Integrated Healthcare director Ahmad Shahizam Mohd Shariff said in a press release the acquisition would consolidate Khazanah’s existing stakes in Parkway, Pantai Holdings Bhd, India’s Apollo Hospitals Enterprise Ltd and IMU Health Sdn Bhd, which operates the International Medical University.

In a related story, Reuters said Khazanah’s bid for control of Parkway Holdings mayy pitt it against India's Fortis Healthcare in a battle for Singapore's largest private healthcare provider.

The surprise offer, which aims to lift Khazanah's stake in Parkway to 51.5 percent, could either trigger a takeover fight or force Fortis to cash out of the medical firm, which operates 16 hospitals in Singapore, Brunei, Malaysia, India and China.


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