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Hyphens Pharma International lodges preliminary offer document

HYPHENS Pharma International has lodged its preliminary offer document as it seeks a listing on the Catalist board of the Singapore Exchange.

The pharmaceutical and consumer healthcare group's core business segments include specialty pharmaceutical products, proprietary brands such as Ceradan and Ocean Health supplements, as well as a wholesale medical hypermart and digital business.

The initial public offering will comprise a conerstone offering as well as a placement and a public offering. Of the placement shares, a certain number of reserved shares will be kept for subscription by the company's directors and employees, its subsidiaries as well as business associates and others who have contributed to the success of the group.

Three cornerstone investors have entered into subscription agreements with Hyphens Pharma for a total of 30.4 million shares. These three investors are Nikko Asset Management Asia, Qilin Asset Management and investment holding company Maxi-Harvest Group, which is wholly owned by Lee Sai Sing.

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Meanwhile, Inomed Holding and Hyphens Pharma's executive director Tan Chwee Choon will have around 196.21 million and 43.79 million shares respectively of the company's share capital after the issuance of the cornerstone shares.

Inomed is, in turn, owned by Hyphens Pharma's chairman and chief executive officer Lim See Wah and its non-executive director Dr Tan Kia King, who have stakes of 61.1 per cent and 38.9 per cent respectively.

The company does not have any fixed dividend policy but the board intends to recommend and distribute dividends of at least 30 per cent of its net profit attributable to shareholders for both 2018 and 2019, the document said.

After subtracting expenses linked to the IPO, it plans to use the funds raised from the listing for business expansion - including potential acquisitions, joint ventures, product development and research and development - as well as to set up its integrated facility and for general corporate and working capital purposes.

Aside from Singapore, the company also has a direct presence in Vietnam, Malaysia, Indonesia and the Philippines.