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SINGAPORE : Mainboard-listed Pacific Healthcare on Wednesday said the Shariah compliant Al-Faiz Fund (AFF) will invest about S$8 million for a minority stake in the firm.
Pacific Healthcare will issue some 73 million new shares at 11 cents to AFF, which is managed by the Malaysian branch of Kuwait Finance House.
This will see AFF holding a 20.63 per cent stake in Pacific Healthcare's enlarged share capital upon completion of the deal.
Separately, AFF will purchase an additional 15 million vendor shares at 11 cents each through a Sale and Purchase Agreement signed with Pacific Healthcare CEO Dr William Chong.
AFF will acquire a further 17 million shares from the open market or from other shareholders in order to bring its total stake in the Singapore company to 29.72 per cent.
Should AFF fail to acquire the required shares from other shareholders, Dr Chong has also granted them a call option for up to another 17 million shares at 14.5 cents each.
The offer is subject to approval of the shareholders of Pacific Healthcare and the relevant regulatory authorities.
Going forward, Pacific Healthcare said it will open several specialist clinics, including a Head & Neck and Thyroid Surgery Centre and a Cardiac Imaging Centre next month.
It is also scheduled to open a fully dedicated and comprehensive cancer hospital in Singapore in 2011. - CNA/ms
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