KUALA LUMPUR (Jan 27): LYC Healthcare Bhd is expecting the listing of its subsidiary, LYC Medicare (Singapore) Pte Ltd (LYCSG), on the Catalist Board of the Singapore Exchange Securities Trading Ltd (SGX-ST) to be completed by the first half of 2023. 

In a filing with Bursa Malaysia on Friday (Jan 27), LYC Healthcare said the proposed listing would raise gross proceeds of S$11.20 million (S$1=RM3.228) and would accrue entirely to LYCSG.

“Upon completion of the proposed listing, LYC Healthcare’s equity interest in LYCSG (held through its wholly-owned subsidiary LYC Medicare Sdn Bhd) is expected to dilute from 64.50% but remain at not less than 51% and LYCSG will remain as a subsidiary of LYC Healthcare upon completion of the proposed listing,” it added.

In conjunction with the proposed listing, LYCSG has proposed to undertake a share split of every existing ordinary share in LYCSG, which would be subjected to the determination of the final issue price and the basis of pricing for the proposed listing.

“After completion of the proposed share split, LYCSG intends to undertake the placement of new LYCSG shares,” said LYC Healthcare. 

Assuming a minimum initial public offering price of S$0.20 per LYCSG share and the illustrative gross proceeds of S$11.20 million to be raised pursuant to the proposed listing, the proposed listing would involve a placement of 56.0 million placement shares to be issued to investors in Singapore.