Pacific Healthcare Holdings, the provider of integrated, multi-disciplinary specialist healthcare services, says it has obtained shareholder approval for Al-Faiz Fund I Limited (AFF), a Shariah-compliant private fund managed by the Kuwait Finance House (Malaysia) Berhad Group (KFH), to take an initial 25% stake in the company.

The stake consists of 73,012,692 new shares to be issued to AFF, representing 20.6% of the enlarged issued share capital of the company. The issue price for the shares offered to AFF is 11 cents per share.

Separately, AFF has, through a Sale & Purchase Agreement dated 3 December 2009 signed with Dr William Chong, CEO of Pacific Healthcare, also purchased 15 million vendor shares at 11 cents.

In total, this represents an initial stake of 25% of the enlarged share capital of the company.

AFF will acquire a further 17,159,098 shares from the open market or from other shareholders in order to eventually obtain a 29.7% stake in the company.

Dr William Chong has also granted a call option to AFF for up to another 17,159,098 shares at 14.5 cents each in the event that AFF is unable to acquire the said shares from the open market or from other shareholders.