Malaysia's LYC Healthcare mulls listing of healthcare business on SGX's Catalist board

MALAYSIA-LISTED LYC Healthcare is considering a listing of its healthcare business on the Singapore Exchange's (SGX) Catalist board, it said in a bourse filing dated Aug 26.

The move will allow the group to gain access to Singapore's capital markets and provide financial flexibility for future expansion and growth.

Having a listing in Singapore will also help LYC's healthcare business "gain recognition and corporate stature" and assist the group in expanding its customer base.

The group already has a presence in Singapore - it owns 51 per cent stakes in HC Orthopaedic Surgery (HCOS) and T&T Medical Group. HCOS operates a medical centre at Mount Elizabeth Hospital, while T&T owns and operates a medical centre at Parkroyal on Kitchener Road.

Last year, LYC Mother & Child Centre entered into a joint venture with Catalist-listed Singapore O&G to establish a postpartum confinement centre in Johor.

Details of the proposed listing have yet to be determined, but LYC is planning to reorganise some of its healthcare-related subsidiaries before the listing is completed to form a listing group vehicle.

The subsidiaries contained in the listing vehicle will continue to remain as LYC's subsidiaries upon the proposed listing's completion, LYC said.

Besides healthcare services, LYC is also engaged in computing and electronics services, the design and development of renewable energy products, the trading of electronic and security products and building materials, investment holding, and providing related engineering services and management services.

LYC's board has appointed Evolve Capital Advisory as its financial advisor and sponsor for the proposed listing. It plans to appoint other professional advisers in due course.

Shares of LYC Healthcare were trading 1.5 per cent or 0.5 sen lower at 32.5 sen on Bursa Malaysia as at 11.40am.