Parkway Pantai

Parkway Pantai, Ltd. is a medical company based in Singapore and is Southeast Asia's largest private healthcare provider, and one of the largest in Asia. It is a wholly owned subsidiary of Kuala Lumpur-based IHH Healthcare, whose largest shareholder is Malaysian state investment agency Khazanah Nasional.[1] Parkway Pantai operates private hospitals in Singapore, Brunei, China, Hong Kong, Malaysia, India, Vietnam and the United Arab Emirates. IHH Healthcare also owns the International Medical University. In July 2017, According to the reports, Parkway Pantai issued a US$2 billion multicurrency bond to refinance its debts.[2]

Parkway Pantai
TypeLimited company
IndustryHealthcare
Headquarters
Singapore
Area served
Asia, Middle East, Europe
ParentIHH Healthcare
Websitewww.parkwaypantai.com

Background

Parkway Pantai owns a network of 21 hospitals, including four private hospitals in Singapore and more than 60 medical centres, clinics, and ancillary healthcare facilities in Singapore, Hong Kong, Malaysia, India and China. It also has a network of regional hospitals in Malaysia, India and Brunei, including Jerudong Park Medical Centre. A number of health-tourism providers work with Parkway Pantai's hospitals to develop medical tourism. It has more than 4,000 licensed beds in aggregate.

The Group's other healthcare network in Singapore includes Parkway Shenton Pte Ltd, one of Singapore's biggest general practices; ParkwayHealth Radiology, a leading radiology service provider; and ParkwayHealth Laboratory, a major provider of laboratory services locally.

Some of Parkway's hospitals are subjected to international healthcare accreditation, while others are not.

Hospitals

History

On 14 September 2005, Singapore's Parkway Holdings Ltd acquired a 31 per cent stake in Pantai Holdings Bhd for RM312 million (US$82.8 million) to emerge as the largest shareholder of the leading private health-care service provider in Malaysia. Analysts said the move by Parkway, South-east Asia's largest healthcare provider, may spark consolidation in private hospitals in Malaysia. On Tuesday, Parkway purchased 89.7 million shares, for a 22.5 per cent stake, from Pantai's chief executive officer, Datuk Lim Tong Yong, for RM2.45 each at a 50 per cent premium to Pantai's closing price of RM1.63 on Monday, it said in a statement on Tuesday.

Parkway bought an additional 35 million shares, or an 8.8 per cent stake, in the open market for RM1.70 each. The company also purchased 24.3 million warrants from Datuk Lim for RM1.33 apiece, bringing the total to RM311.6 million. Parkway, which is 26 per cent owned by US private equity fund Newbridge Capital, said there will be potential operational synergies with its existing two Malaysian hospitals and other hospitals in the region. With the deal, Parkway would control Pantai's seven hospitals and about 1,000 beds.

An analyst from Nomura Advisory Services told The Business Times that the entry of Parkway, an established health-care provider with a proven track record, would substantially boost Pantai's performance. "There are not many players within Malaysia. Given Parkways entry, it should facilitate those who want to sell," the analyst said. JP Morgan's research head Melvyn Boey told the paper: "Most important (about the purchase) is that Parkway is very experienced in the healthcare industry and the whole consolidation exercise will help the industry." The entry of Parkway, the owner of the Gleneagles group of hospitals, could alert other private hospitals that there is a ready buyer in town.

Parkway Holdings Limited began operating as a subsidiary of Parkway Pantai Limited in August 2010.[3]

References
  1. "Malaysia's Khazanah prepares $2bn IPO of IHH". Financial Times. 3 November 2011.
  2. "Parkway Pantai Ltd issues US$2bil bond to refinance debt". NST Online. 2017-07-14. Retrieved 2017-11-22.
  3. "Parkway Holdings Limited: Private Company Information". Business Week. Archived from the original on March 20, 2008. Retrieved 8 May 2014.
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