Lippo-linked group makes S$103m offer for Healthway Medical

HEALTHWAY Medical Corporation on Tuesday said it has received a takeover offer from a Lippo-linked entity that values the company at S$103 million.

It said Gentle Care has made an offer for all the shares of Healthway at S$0.042 in cash apiece. Gentle Care is a wholly owned subsidiary of Valiant Leader, and an indirect subsidiary of entities including Lippo China Resources (LCR), and Lippo Capital.

The offer price represents a premium of 5 per cent over the last transacted price of Healthway on the last trading day prior to the announcement.

"Lippo and LCR see the business potentials in the healthcare industry in Singapore, and would therefore like to establish their presence in this field," the offer document said. "The company, as a well-established private healthcare provider in Singapore, matches Lippo's and LCR's strategy to establish their presence in the healthcare industry in Singapore and to acquire quality healthcare management capability."

LCR, an investment holding company, is listed in Hong Kong. Its chairman is listed as Stephen Riady - who runs Indonesia's Lippo Group - LCR's website showed. The offerer controls about 13.3 per cent of the total number of issued shares.