Khazanah hires banks for unit’s RM4.7b IPO: Sources

KUALA LUMPUR (Dec 1, 2011): Khazanah Nasional Bhd has hired Bank of America-Merrill Lynch, Deutsche and CIMB as joint global coordinators for the listing of its healthcare unit that could raise about US$1.5 billion (RM4.71 billion), three sources told Reuters.

The deal could be the country's fourth-biggest IPO ever and its second major deal in 2012, when Felda Global Group is also seeking a US$2 billion listing.

The initial public offering of Khazanah's healthcare unit in the first half of next year may include potential hospital assets in Turkey, where the state investor's unit is nearing a deal to buy hospital group Acibadem.

Seven global and three regional banks pitched last week after the list was narrowed down from about 15, one of the sources said today.

The unit to be listed would have assets of Singapore's Parkway Holdings as well as Khazanah's stakes in Malaysia-based Pantai Hospitals and the International Medical University.

Khazanah purchased Asia's biggest-listed hospital operator Parkway last year in a deal that valued the company at US$3.3 billion. — Reuters