Gateway doesn't intend to make offer for Healthway

HEALTHWAY Medical said it has been informed by its investor GW Active that it does not intend to make a general offer for Healthway.

With that declaration, GW Active will be prohibited for six months from announcing an offer or acquiring any shares that would result in GW holding at least 30 per cent of voting rights of the company.

GW is part of Gateway Partners, which is seeking to invest up to S$70 million in Healthway. Healthway in March received the net proceeds of the first tranche of the S$70 million convertible notes deal with Gateway to solve its immediate cash needs, such as paying doctors' and nurses' salaries.