HEALTHCARE service provider Singapore Institute of Advanced Medicine Holdings (SIAMH) is seeking to list on the Catalist board of the Singapore Exchange, according to the company’s preliminary prospectus lodged on Friday (Nov 24).

The company is a subsidiary of Bursa Malaysia-listed Berjaya Group, a conglomerate that has multiple business verticals including consumer marketing, property, food and beverage, gaming as well as hotels and recreation.

Berjaya Group had in July 2022 announced its intention to list SIAMH on Singapore’s junior board and appointed PrimePartners to act as its sponsor, issue manager and placement agent.

According to its prospectus, the healthcare provider’s controlling shareholders are Berjaya Group subsidiaries Espeetex and Berjaya Leisure (Cayman).

Founded in 2011 by Dr Djeng Shih Kien, SIAMH focuses on diagnosing and treating various diseases and health conditions, including cancer as well as neurodegenerative and cardiovascular diseases.

The company has two clinics, in Biopolis Drive and Lucky Plaza. Services offered across both locations include radiotherapy, diagnostic imaging, theranostic services as well as radiopharmaceutical and oncology for the early treatment of cancer and other diseases.

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It aims to use the proceeds from the initial public offering (IPO) to acquire more equipment and facilities for its diagnostic imaging and radiotherapy services, upgrade its systems and facilities in the clinics, expand its team and increase the services offered by the group.

SIAMH may also pursue growth through acquisitions, joint ventures and/or strategic alliances.

The group’s most recent financials for FY2023 indicated that it generated S$16.2 million in revenue from continuing operations, up 17.6 per cent from S$13.8 million in FY2022.

This was largely due to an increase in patients under the medical diagnostics and treatments segment, despite the Covid-19 pandemic curbing medical tourism and preventing some patients from visiting the group’s clinics.

However, SIAMH continues to be in the red with a loss of S$18.1 million in FY2023, widening year on year from a loss of S$12.4 million.

The higher loss for FY2023 was mainly attributed to an increase in operating expenses, which came as the group increased its headcount. The increased staff count will prepare the group to offer photon radiation therapy services and proton beam therapy services to treat cancer, said SIAMH.

The losses in the statement were also cushioned by rental income, generated from the lease of some investment properties to a non-related party.

These investment properties were disposed of in June this year and reflected as profit from discontinued operations.

The group’s founder Dr Djeng, who is also its executive director and chief executive officer, said in a press release that the group aims to create a “comprehensive one-stop ambulatory cancer centre” that provides early and accurate diagnosis and treatments for the disease.

“The proposed initial public offering will enable us to accelerate our growth through the rapidly growing oncology market,” he said.