OUE Healthcare, a subsidiary of OUE Limited, has announced its plans to take private healthcare provider, Healthway Medical, at a price of 4.8 cents per share. The delisting bid is valued at up to $66.1 million and is subject to Healthway Medical shareholders’ approval.
The move comes as OUE Healthcare aims to streamline its operations and create a regional platform for growth. OUEH and its concert parties currently hold approximately 42.28% of Healthway Medical’s total shares. The maximum number of offer shares OUEH can acquire is around 1.4 billion, representing about 30.4% of the total number of issued shares.
Gateway Active, which owns approximately 27.36% of Healthway Medical’s shares, has pledged not to accept the exit offer but will vote in favor of the delisting. The completion of the delisting is conditional upon Healthway Medical receiving shareholders’ approval for the delisting and amending the company’s constitution.
The offer price of 4.8 cents per share represents a premium of about 45.5% over Healthway Medical’s last-traded price of 3.3 cents on June 28. It also reflects premiums of 45.5%, 41.2%, and 37.1% over the one-month, six-month, and 12-month volume-weighted average prices (VWAP) respectively.
Healthway Medical, a leading private healthcare provider, boasts a network of over 100 clinics offering a range of services including health screening, specialist care, dental services, and allied healthcare services.
The acquisition of Healthway Medical will enable OUE Healthcare to leverage potential synergies, delivering comprehensive healthcare services across various areas including preventive care, diagnostics, intervention, treatment, aftercare, and other ancillary healthcare services.
OUE Healthcare’s offer has been made through its wholly-owned subsidiary, OUEH Investments, which was established for the purpose of this exit offer. The proposal is expected to bring about significant growth opportunities for both OUE Healthcare and Healthway Medical.
Overall, this move further demonstrates OUE Healthcare’s commitment to expanding its presence in the healthcare sector and providing quality healthcare services to the region. The voluntary conditional offer, subject to shareholders’ approval, is expected to pave the way for a stronger, more efficient healthcare platform that can deliver holistic care to patients.
