SINGAPORE (Mar 14): Real estate company Rowsley has unveiled plans to capitalise on the increasing demand for healthcare services in the region, ahead of an extraordinary general meeting (EGM) scheduled for Mar 23.

The EGM next Friday is to seek shareholders’ approval for, among other things, the proposed $1.6 billion acquisition of Sasteria from controlling shareholder Lim Eng Hock, better known as former remisier king Peter Lim.

Sasteria is the owner of Thomson Medical and the controlling shareholder of Malaysia-based TMC Life Sciences (TMCLS) with a 70.36% stake.

Shareholders will also vote on the proposed bonus issue of bonus warrants and piggyback warrants, as well as Rowley’s proposal to change its name to Thomson Medical Group.

See: Rowsley signs binding agreement to acquire $1.6 bil worth of healthcare assets from Peter Lim; to be renamed Thomson Medical Group

In a filing to SGX on Tuesday, the group says it plans to up the total number of hospital beds under its medical centres to 1,322 within the next three years, from 392 beds currently.

Tropicana Medical Centre in Kota Damansara will see the addition of 430 beds, with construction work on the expansion expected to be completed in 2020.

Meanwhile, Thomson Iskandar Medical Hub, a new 500-bed hospital and 400-suite medical tower currently under development in Johor Bahru, is expected to be completed by 2021.

At the same time, Rowsley is also developing an 11-hectare Vantage Bay Healthcare City in Johor Bahru, which will create an integrated healthcare service platform. The development will comprise medical facilities such as a 500-bed general hospital, a specialist hospital, a community hospital and long-term care facilities, as well as health sciences education and training facilities, and a purpose-built urban wellness hotel and resort.

In Singapore, the group plans to build an integrated country-wide healthcare network around Thomson Medical Centre, as well as expand its current service offerings and open new specialist clinics.

The developments are expected to be partially funded through proceeds from Rowsley’s warrants exercise.

The bonus warrants and piggyback warrants are expected to raise up to $852.9 million and $1.14 billion, respectively.

See: Rowsley reports smaller net loss of $58 mil on cusp of transformation into healthcare player

As at 12.27pm, shares of Rowsley are trading 0.2 cent up, or 1.7% higher, at 11.7 cents.