Yet another company that was previously listed then delisted, is now trying to make a comeback on the Singapore Exchange.

Aztech Global, under chairman Michael Mun, went IPO earlier this month after a hiatus as a public company.

Now, Econ Healthcare, which was first listed in 2002 and then delisted in 2012, is back and will be known as Econ Healthcare (Asia). The operator of nursing homes largely in Singapore and Malaysia, still under executive chairman Ong Chu Poh, has lodged its preliminary prospectus for a Catalist listing. 

In 2006, Econ Healthcare changed its name to China Healthcare, amid the S-chip craze that seized the local market, to reflect its plans to expand in China.

In 2012, the company was delisted following a 28 cents per share offer by Ong in conjunction with a fund, which he later bought out in 2016. At that price, the company was valued at around $80.4 million. The offer valued the company at 2.2 times its book value of 12.8 cents.

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According to Econ Healthcare’s preliminary prospectus, it now runs 10 centres and homes in Singapore and Malaysia with a total of 1,376 beds.


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The company has also been appointed the operator for two upcoming homes, with one operational in the second half of 2022 and the other by 2025. By then Econ Healthcare’s total bed capacity reach 2,388. In addition, Econ Healthcare is expanding in China with local partners and will have around 2000 beds by 2025.

The homes now have an average of 1,094 residents and an average occupancy rate of 88.4%.

For FY2020 ended March 2020, the company generated revenue and operating subvention grants of $37.3 million, up slightly from just below $37 million for FY2019.

Earnings for FY2020 was $4.04 million, down from $4.3 million in the preceding year.

For 1HFY2021 ended Sept 2020, its topline was $18.6 million and earnings $3.7 million.

Instead of committing significant capex by building the homes and then operating them, Econ Healthcare plans to grow by adopting an asset-light model by leasing and operating instead.

“Further, we also seek to partner with landowners whereby such landowners will build and bear the costs of constructing new medicare centres and nursing homes while we are to operate such facilities,” the company says. Econ Healthcare also plans to form joint ventures and partnerships to grow.

The IPO is managed by DBS.