OUE Lippo Healthcare *Official* (SGX: 5WA)

Perisher

Perisher

Greater Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
84,183
Reaction score
10,105
RE: International Healthway Corporation
Brief update on the company...

Oxley duo buying into Int'l Healthway Corp
02 Oct 2015 09:00
By Cai Haoxiang

TWO men behind boutique developer Oxley Holdings are buying into International Healthway Corporation (IHC), prompting some market observers to wonder whether the duo are eyeing the property assets of the

Catalist-listed medical property developer.

A Sept 29 disclosure showed Ching Chiat Kwong, executive chairman and CEO of Oxley, now has a substantial stake of 12.1 per cent.

Oxley's deputy CEO Eric Low See Ching's stake stands at 6.13 per cent based on a Sept 25 disclosure.

Meanwhile, Fan Kow Hin, Andrew Aathar and Jong Hee Sen, part of a group of investors that formed the Healthway Medical Corporation (HMC) outpatient clinic network in 2006, have been selling down their IHC stakes.

IHC, which is in the process of acquiring Catalist-listed HMC through a share deal, was in the news on Sept 9 when the Singapore Exchange (SGX) advised caution when dealing in IHC shares.
...
Source: Business Times
 
Perisher

Perisher

Greater Supremacy Member
Deluxe Member
Joined
Jan 5, 2015
Messages
84,183
Reaction score
10,105
Wonder how this 2 event makes sense... the share price falls and then the oxley duo enters...

IHC drops after trading halt. Meaning, don't buy stocks which might be investigated by SGX?
 
Last edited:
wahkao3

wahkao3

High Supremacy Member
Joined
Mar 6, 2005
Messages
26,805
Reaction score
24
till now, even with the benefit of hindsight, no1 can explain the plunge
 
Asphodeli

Asphodeli

Arch-Supremacy Member
Joined
Jul 8, 2001
Messages
22,391
Reaction score
3,692
wow, the meeting was...heated and full of drama. but in the end, a new team is taking over :)

proud to have done something good today :o
 
Mancunian2

Mancunian2

Greater Supremacy Member
Joined
Jan 7, 2006
Messages
82,608
Reaction score
7,208
Police report filed against ousted IHC executive director
24 Jan 2017 10:15

A DAY after the EGM which saw the removal of the entire board of International Healthway Corporation (IHC), a police report was filed against Lim Beng Choo, who was ousted as executive director.

In an SGX filing, IHC said: "When members of the Interim Transition Committee and Data Management Corporation Pte Ltd arrived at the company's premises at 2 Leng Kee Road, Thye Hong Centre, Singapore, at around 8.20pm, Ms Lim Beng Choo was seen leaving the premises with her computer and some documents."

Please go to The Business Times to read the full story.
 
Shion

Shion

Senior Mentor
Joined
Oct 24, 2008
Messages
360,217
Reaction score
111,450
IHC saga: Focus shifts to former parent company

IHC saga: Focus shifts to former parent company

Healthway Medical Corp, which spun off IHC, recently entered into a deal with Cayman-based investor

http://www.straitstimes.com/business/ihc-saga-focus-shifts-to-former-parent-company

While activist investors are forcing International Healthway Corp (IHC) to undertake an internal audit of the medical property developer's affairs, attention is now turning to the firm's former parent company.

Healthway Medical Corp (HMC), the clinic operator that spun off IHC, recently entered into a deal with a new investor, Cayman-based Gateway Fund I. The arrangement could give Gateway significant control over how HMC is managed.

HMC wants to raise $70 million from Gateway by issuing convertible bonds that can be swapped for up to 90.17 per cent of HMC's existing share capital, or 47.4 per cent of its enlarged share capital.

The size of the conversion is still subject to shareholders' vote of approval, but the notes have other unusual features. For example, Gateway would get the right to nominate two non-executive directors to the HMC board and pick out a chief financial officer.

HMC would also need Gateway's consent before entering into "any material transactions, undertakings or corporate actions", including the appointment or removal of its chief executive officer.

HMC president Veronica Chan, who is equivalent to the CEO, did not immediately respond to an e-mail query on the notes issue, but HMC has said that the move is necessary to generate working capital and address "short-term liquidity needs".

The fund-raising comes relatively soon after HMC announced a share placement on Aug 29 to raise net proceeds of $3.75 million. It reportedly fully utilised these funds on Oct 25.

http://www.straitstimes.com/sites/d...2017/02/01/ST_20170201_MRIHC01NEW_2910456.pdf

Notably, HMC, which made a net profit of $1.68 million in the year ending December 2015, is owed $64 million by Healthway Medical Enterprises (HME), which HMC refers to in its books as a non-related party, or "Party A".

HMC is owed a further $21 million by an unnamed "Party B", and continued to extend to Party B $3.2 million in 2015 even after taking a $14.8 million impairment on Party B loans over the years.

HMC now intends to acquire HME, using the $64 million in uncollected receivables as part of the purchase consideration, which is yet to be determined. HMC did not previously address questions from The Straits Times on how much of the $64 million would be recoverable.

Another question on the minds of fund managers who have eyed HMC in the past is why it has continued to lend to Party A and Party B when impairments made over the years have cast doubts over these parties' ability to pay.

Unless these parties share a common shareholder with HMC, the loans do not appear to benefit HMC, they say.

Mr Eric Wong Ong Ming, who joined the board of HMC in May 2015, was the sole director of HME until he resigned in May 2015. He was also a former director of IHC.

IHC and HMC also share a common largest shareholder, Mr Fan Kow Hin. Mr Fan has stepped down from senior positions at both companies, as well as at HME in recent years.

Separately, Lippo China Resources, controlled by Indonesia's Riady family, emerged at the end of December as a substantial shareholder of HMC with a 6.05 per cent stake.

This, together with OUE's 12.5 per cent stake in IHC, is likely to keep investors guessing at what's next for both IHC and HMC.

Shares of IHC, which, like HMC, have tumbled since their debut, have recently attracted the attention of heavyweight investors such as Oxley executives Ching Chiat Kwong and Eric Low, as well as OUE, stirring hopes that IHC can be turned around.
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top