LYC Healthcare withdraws plan to list Singapore unit, citing market conditions

LYC Healthcare, a Malaysia-listed group specialising in healthcare services for children and mothers, has withdrawn its proposal to list its subsidiary LYC Medicare Singapore on the Catalist board of the Singapore Exchange.

In a Wednesday (Jun 12) bourse filing on Bursa Malaysia, the group said the decision to drop the proposed listing is in view of the prevailing market conditions in the Singapore equity market.

Nonetheless, the group remains open to the possibility of listing LYC Medicare Singapore on other exchanges. This is subject to the evaluation of the listing suitability and structure by advisers, who have yet to be appointed.

“Having considered all aspects, the board is of the opinion that the withdrawal is in the best interest of the company,” said LYC Healthcare.

Evolve Capital Advisory had been appointed the sponsor, issue manager and placement agent.

LYC Medicare Singapore is a specialist healthcare group, offering services such as orthopaedic surgery and clinical care, chronic degenerative joint and other chronic disease management. It owns HC Orthopaedic Surgery and T&T Medical Group, both of which operate medical centres here.

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It also provides nutraceutical supplements and ingredients through subsidiaries in Malaysia and Singapore.

LYC Healthcare previously said the decision to list LYC Medicare Singapore on the Catalist board was to allow the group to gain access to the Republic’s capital markets and provide flexibility for growth, as well as for the healthcare business to “gain recognition and corporate stature”.

Shares of LYC Healthcare on Bursa Malaysia were trading down 3.7 per cent or 0.5 sen at 13 sen, as at 2.11 pm.