HMI shareholders approve scheme of arrangement for privatisation

HOSPITAL operator Health Management International (HMI) has gained the approval of its shareholders for its joint bid with PanAsia Health Limited to privatise the Mainboard-listed company via a scheme of arrangement. 

In a bourse filing on Friday, HMI announced that some 99.9 per cent of the 411.9 million votes cast at the scheme meeting were in favour of the privatisation.

Slightly over 300 shareholders voted in total. Those who abstained from the vote include major shareholder Nam See Investment, executive chairman Gan See Khem and chief executive Chin Wei Jia.

HMI will next be submitting its application to the court for its approval of the scheme. The company is expected to delist from the Singapore Exchange by Jan 14, 2020. 

Shares of HMI last traded at S$0.725, before a trading halt was called on Friday morning.