Clearbridge Health to list on Catalist; seeking to raise $24.6 million

Clearbridge Health to list on Catalist; seeking to raise $24.6 million

By: 
Benjamin Cher
11/12/17, 05:15 pm

SINGAPORE (Dec 11): Clearbridge Health has announced an initial public offering to list on the Singapore Exchange (SGX) Catalist Board with an invitation issue of 88 million shares at 28 cents each, to raise $24.6 million.

This issue represents approximately 18.3% of the enlarged share capital of 481 million shares of Clearbridge, bringing its market capitalisation post listing to approximately $134.7 million.

Clearbridge formerly ran an accelerator programme to incubate and accelerate healthcare technology start-ups, managing a $40 million fund to invest in life-sciences companies under the SPRING Singapore Biomedical Sciences Accelerator programme, before pivoting and renaming itself Clearbridge Health.

The company’s business comprises of three segments: laboratory testing services, medical clinics, and strategic equity participation in precision medical technology companies.

Jeremy Yee, chief executive officer and executive director of Clearbridge Health, was a former chief executive officer of Cordlife. The senior management of Clearbridge were also formerly from Cordlife.

“We aim to promote precision healthcare in Asia, by empowering patients with greater access to health information and increasing patient survival by taking advantage of best-in-class technologies and workflows to provide a wide range of better purpose-suited products and services,” says Yee in a statement on Monday.

The company hopes to leverage on Singapore’s status as a medical tourism hub for a ready supply of patients, as well as the growing demand for healthcare around the region.

Clearbridge intends to grow its medical clinics and centres in Asia, and has already entered into a term sheet agreement to potentially acquire a medical centre in the Philippines.

The company also intends to collaborate to market new medical technologies and expand its laboratory testing services business organically or inorganically. 

Of the proceeds, $11 million has been earmarked for expanding medical clinics and centres, while $3 million has been allocated to expanding the laboratory testing services.  The proceeds will also be used for working capital and general corporate purposes.

“There is huge potential for greater adoption of precision medicine in Singapore and around the region,” says Yee. “The listing will serve as a platform for the group to grow our comprehensive suite of healthcare services.”

“We will continue to look for suitable opportunities to grow our network of medical clinics and centres, while expanding and strengthening our market position in laboratory testing services. We will also continue to invest and pursue breakthroughs in promising medical technologies that will position us as the leading healthcare player for the future,” he adds.

The invitation will close at 12 noon on Dec 14, with trading expected to commence at 9am on Dec 18.

Mapletree Logistics Trust posts 5.0% increase in 3Q DPU to 2.002 cents

SINGAPORE (Jan 21): The manager of Mapletree Logistics Trust (MLT) recorded a 5.0% increase in its 3Q18/19 DPU to 2.002 cents, compared to 1.907 cents in 3Q17/18. This brings 9M18/19 DPU to 5.917 cents, 4.2% higher than 5.681 cents in 9M17/18. The trust posted gross revenue of $120.8 million in 3Q18/19, 23.0% higher than $98.2 million a year ago, mainly attributed to higher revenue from existing properties, contribution from the completed redevelopment of Mapletree Ouluo Logistics Park Phase 1 in 2Q FY18/19, acquisitions in Hong Kong completed in FY17/18 and acquisitions in Singapore, Au....
Read More >>

Keppel REIT posts 4.9% lower 4Q DPU of 1.36 cents

SINGAPORE (Jan 21): The manager of Keppel REIT has declared a 4Q18 distribution per unit (DPU) of 1.36 cents, representing a 4.9% decline from its quarterly DPU of 1.43 cents a year ago. This brings the trust’s FY18 DPU to 5.56 cents, down 2.5% from its DPU of 5.7 cents in FY17. Property income for the latest quarter under review fell 14.8% to $37.8 million from $44.4 million previously due to lower income contributions from Ocean Financial Centre, 275 George Street and 8 Exhibition Street. Share of results of associates and joint ventures declined 14.7% and 7.7%, respectively, to $....
Read More >>

Soildbuild REIT posts 4.9% increase in 4Q DPU to 1.451 cents

SINGAPORE (Jan 21): The manager of Soilbuild Business Space REIT (Soilbuild REIT) has declared distribution per unit (DPU) of 1.451 cents for the 4Q18 ended December, some 4.9% higher than DPU of 1.383 cents a year ago. This brings total DPU for FY18 to 5.284 cents, some 7.5% lower than total DPU of 5.712 cents a year ago. Gross revenue grew 24.3% to $25.8 million in 4Q18, from $20.7 million a year ago. This was mainly due to the liquidation proceeds received from Technics Offshore Engineering, conversion of Solaris into a multi-tenanted property, and the maiden contribution from two ....
Read More >>