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Clearbridge Health in private placement to raise $11.3 mil to speed up Asia growth plans

PC Lee
PC Lee7/29/2019 10:30 AM GMT+08  • 2 min read
Clearbridge Health in private placement to raise $11.3 mil to speed up Asia growth plans
SINGAPORE (July 29): Clearbridge Health is raising $11.34 million from a share placement exercise to accelerate its growth plans in Asia’s healthcare market.
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SINGAPORE (July 29): Clearbridge Health is raising $11.34 million from a share placement exercise to accelerate its growth plans in Asia’s healthcare market.

Under the terms of the share placement agreement, Clearbridge, will issue some 80.5 million new ordinary shares at 14.1 cents each.

This is a discount of 9.96% to its volume weighted average price of 15.66 cents each, for all trade trades done on Catalist on Friday, the full market day before which the placement agreements were signed.

Subscribers of the share placement included Macondray Company and Coop International.

Macondray Company is part of Macondray Philippines Co Inc, the private, Filipino-owned investment holding group.

Coop International, a wholly-owned subsidiary of SGX-listed Bonvests Holdings which is an existing shareholder of Clearbridge and will become a substantial shareholder of Clearbridge after the share placement.

Currently, Clearbridge has three strategic business units or SBUs.

In the first unit of Healthcare services, Clearbridge has a network of medical centres and clinics in the Philippines, Hong Kong, Malaysia and Singapore

Under Medical healthcare systems, the group operates pathology laboratories in Singapore and Philippines and manages a total of 56 hospital joint operation contracts (JOs) in Indonesia, Medical healthcare systems through the provision of healthcare-related services.

Lastly, under Strategic equity investment, Clearbridge has investments in three different medical technology companies. Notably, it is the largest shareholder of SGX-listed Biolidics.

As at 10.28am, shares in Clearbridge are down 0.5 cent at 15 cents.

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