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  • Asia OneHealthcare Files Draft IPO for 4.38 Billion Shares

    Asia OneHealthcare Files Draft IPO for 4.38 Billion Shares

    Malaysian hospital operator Asia OneHealthcare filed a draft prospectus for an initial public offering of up to 4.38 billion shares on Bursa Malaysia, the Securities Commission Malaysia website showed on Wednesday.

    US-based private equity firm TPG explored strategic options for the hospital group in April alongside Maybank and UBS, examining a domestic float that could value the business at around 30 billion ringgit ($7.4 billion).

    The preliminary filing omits the target offer price, total deal value and debut listing date.

    Structure of the Offering

    The deal relies overwhelmingly on vendor divestment. Controlling shareholder HLT Healthcare Holdings Singapore, the vehicle through which US buyout firm TPG holds its stake, is selling up to 3.86 billion existing shares.

    Asia OneHealthcare itself will issue 521.1 million new shares to raise primary capital. If underwriters do not exercise an over-allotment option of up to 657.1 million additional existing shares, HLT Healthcare Holdings Singapore will retain a 73.9 per cent controlling interest in the group once the transaction closes.

    Institutional buyers will take the bulk of the float. Up to 3.77 billion shares are earmarked for domestic and foreign institutional funds, while the remaining 615.5 million shares are allocated to the managing director, eligible staff, contributors to the business and the Malaysian public.

    Balance Sheet Recovery and Capital Allocation

    Proceeds raised from the newly issued shares will fund physical expansion across the hospital network, routine facility maintenance, medical machinery purchases, partial debt reduction and listing costs.

    The company turned around its bottom line in the financial year ended March 2026. Net profit hit 344.4 million ringgit, reversing a net loss of 85.8 million ringgit logged during the prior twelve months.

    Revenue expanded by 13.6 per cent year on year to reach 3.29 billion ringgit, underpinned by steady patient traffic and broader service volume.

    Asset Footprint and Market Read Across

    Asia OneHealthcare runs 23 private hospitals across Southeast Asia, anchoring 22 medical centers in Malaysia alongside a single hospital facility in Vietnam. Private equity houses and hospital groups across ASEAN continue to treat Malaysia as a primary regional hub for both high-margin medical travel and domestic middle-class elective care.

    For regional healthcare assets, this Bursa Malaysia filing sets a visible valuation benchmark. Private hospital assets in Southeast Asia have traded at steep multiples in private transactions, but institutional appetite on public bourses remains selective around balance sheet use and capital expenditure overheads.

    A public listing establishes a liquid price floor for competing operators seeking consolidation or secondary sell-downs. The heavy weighting of secondary shares signals TPG’s structured partial exit strategy while leaving operational control squarely inside the holding structure.

    The Road to Listing

    The draft submission follows exploratory work initiated in April, when TPG tapped Maybank and UBS to examine liquidity options for the healthcare platform, including the Kuala Lumpur initial public offering.

    The draft document submitted to the Securities Commission Malaysia omitted the final institutional bookbuilding range, the exact offer price, total gross proceeds and the formal listing debut date. Regulators must complete the draft review and clearance process before underwriters publish the definitive prospectus and open retail application books.

  • Sunway Healthcare Starts Work on $196M Hospital in Johor

    Sunway Healthcare Starts Work on $196M Hospital in Johor

    Sunway Healthcare broke ground on an RM800 million ($196.2 million) tertiary hospital in Johor. The project is its first medical facility in Malaysia’s southern state.

    Planned for completion in 2030, Sunway Medical Center Iskandar Puteri will house more than 400 beds. It will employ over 1,400 healthcare staff.

    Located inside Sunway City Iskandar Puteri, the hospital sits within a 2,000-acre development launched in 2014. Around 7,000 residents live in the township today. Developers have completed more than 30 per cent of the master plan and sold roughly 2,000 homes.

    Expanding Footprint Across Johor

    The Iskandar Puteri facility anchors a series of specialized care projects across the state. Sunway Healthcare plans to open the Sunway Fertility Centre at Sunway Citrine in 2027. An ambulatory care centre will follow in 2028 near the upcoming Johor Bahru to Singapore Rapid Transit System link.

    Group leadership is also evaluating dedicated elder-care properties in the area. By 2032, the company intends to operate eight hospitals throughout Malaysia. That network will exceed 3,400 beds.

    Cross-Border Healthcare Demand

    Placing medical assets near the Singapore border targets two patient groups: local residents in suburban corridors and international medical tourists seeking private care at lower currency valuations. The Johor-Singapore Special Economic Zone adds tax and operational incentives to draw cross-border traffic.

    Competition for clinical talent will intensify for regional operators such as IHH Healthcare and KPJ. Medical staffing remains tight across Southeast Asia. Execution will depend on hiring and retaining senior doctors across competing networks.

    Consolidated Balance Sheet Backing

    Funding for the Johor site follows Sunway Healthcare’s debut on the Main Market of Bursa Malaysia in March. The business posted a net profit of RM111.48 million on revenue of nearly RM1.26 billion for the six months ended June 30. Those results represent year-on-year gains of 39 per cent and 27 per cent respectively.

    Sunway Group, led by founder Jeffrey Cheah, controls diversified holdings in construction, real estate, education, and infrastructure. Cheah’s net worth stood at $5.3 billion in April, ranking him eighth among Malaysia’s wealthiest individuals.

    Next Milestones for Delivery

    Site preparations included buying four land parcels within Sunway City Iskandar Puteri for RM45.37 million to accommodate the medical campus. Construction schedules now track progress on the RTS corridor connecting Johor Bahru and Singapore.

    Operations begin with the fertility clinic launch in 2027. That opening will test the southern medical network before the main hospital opens in 2030.

  • Asia OneHealthcare Plans RM7 Billion Malaysia IPO at RM30 Billion Valuation

    Asia OneHealthcare Plans RM7 Billion Malaysia IPO at RM30 Billion Valuation

    Asia OneHealthcare plans to raise up to RM7.5 billion in a Kuala Lumpur initial public offering in the first quarter of 2027.

    The listing would value the hospital operator at roughly RM30 billion. That valuation would make it one of Southeast Asia’s largest healthcare floats.

    Malaysian billionaire Quek Leng Chan’s Hong Leong Group and US private equity firm TPG back the company. It aims to raise between RM7 billion and RM7.5 billion (US$1.7 billion to US$1.9 billion), with offering documentation due in November.

    Valuation and Asset Footprint

    Formerly known as Columbia Asia Healthcare, the group runs 23 private hospitals across Malaysia and Vietnam. The business serves mid-to-upper income urban households seeking shorter wait times and specialist care outside state systems.

    Private hospital valuations across Southeast Asia trade at high multiples because patient demand holds up across economic cycles. Rising incomes and an ageing middle class in both core markets secure bed occupancy and strong pricing power.

    Private Equity Exit Pipeline

    For TPG and Hong Leong, the deal offers a clean exit path after years of buying regional healthcare assets. Hospital networks provide predictable revenues. Institutional investors understand the cash flows without complex forecasting models.

    The float’s size will test liquidity on Bursa Malaysia, where multi-billion-dollar listings remain rare. A clean debut at the targeted RM30 billion valuation would set a high bar for rival hospital operators weighing listings in Singapore or Jakarta.

    The Rebranding Step

    This share sale follows the group’s restructuring and transition from Columbia Asia to Asia OneHealthcare. That revamp combined its regional clinical operations, digital patient records, and procurement networks under one umbrella across Malaysia and Vietnam.

    Advisers will distribute formal offering documents in November, leading into institutional bookbuilding and final pricing ahead of the early 2027 market debut.

  • Private hospitals suffer pandemic inflicted losses

    Private hospitals suffer pandemic inflicted losses

    Private hospitals in HCMC and Hanoi are reporting losses after months of limited operations necessitated by the Covid-19 pandemic.

    After four years of making a profit, the Tam Duc Heart Hospital in HCMC’s District 7 posted a loss of VND13 billion ($571,440) in the third quarter this year.

    Its revenue plunged 63 percent to nearly VND54 billion.

    The hospital has cut down salaries but high overhead costs and additional Covid-19 measures remained major financial burdens.

    Its nine-month profit has fallen 86 percent year-on-year, the hospital said.

    In Binh Tan District, Trieu An Hospital posted its second quarterly loss in a row at VND22 billion, against VND14 billion in the second quarter.

    The hospital saw third-quarter revenues plunge 70 percent year-on-year.

    In Hanoi, the Transportation Hospital in Dong Da District saw a loss of VND11 billion in the third quarter, with revenue dropping 36 percent year-on-year to over VND24 billion.

    Its accumulated loss stands at nearly VND188 billion, the hospital said.

    Nationally, the number of health checks fell 10 percent year-on-year last year to VND167 million, according to the health ministry.

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  • Smart hospitals to boost cloud spending

    Smart hospitals to boost cloud spending

    Frost & Sullivan predicts that by 2025, 10% of hospitals globally will have completed or be in various stages of implementing smart hospital initiatives.

    The research firm projects significant market growth and billions of dollars in revenues for four key segments, including pharmacy automation, mobile asset tracking, data analytics, and cloud computing.

    Frost forecasts the market opportunity to reach about $11 billion with the data analytics market for smart hospitals reaching revenues of $5.9 billion in 2018. The cloud computing market is expected to hit revenues of $5.1 billion.

    There is currently ambiguity around the term “smart”. Transformational Health Industry Analyst Siddharth Shah says a true smart hospital acknowledges digitization as only the first step, and focuses on three major areas – operational efficiency, clinical excellence, and patient-centricity – with technological advances leveraged for these three areas to derive smart insights.

    “Not every hospital needs to become smart in a single step. Instead, the approach they need to take is to implement smart solutions, one by one, and then allow newer solutions to integrate with existing ones in the journey toward becoming smart,” said Shah.

    “This allows hospitals to implement solutions with limited financial investments, reap rewards and ROI, and then implement the next solution.”

    As for companies, some of the most advanced solution sets are being developed by GE Healthcare for patient flow, including its “Command Center” solution for the Johns Hopkins Hospital. Also noteworthy is the ThoughtWire Ambiant platform, which has customized features, such as the Code Blue events reduction solution developed for Hamilton Health Sciences in Canada.

    IBM is developing and now marketing the “SmartRoom” concept along with the University of Pittsburgh Medical Center. Omnicell has developed pharmacy automation solutions in use by thousands of hospitals and health systems around the world.

    In terms of regional readiness for the adoption of the smart hospital concept, North America leads, followed by Europe and Asia Pacific regarding technological sophistication, regulatory landscape, spending power, and end-user readiness.

    However, the hotspots for current smart hospitals are concentrated in the Asia Pacific region, including Dubai, South Korea, Singapore and Australia, some of which cater to the medical tourism industry as well. Canada and Finland are also hotspots.

    “The two largest challenges obstructing hospitals from achieving the smart hospital vision are interoperability and cybersecurity. To truly achieve a ‘smart’ status by deriving intelligent insights, various devices, systems and networks in the hospital must ‘talk’ to one another in ways that are coherent and complete for a holistic analysis,” observed Shah.

    “Digitization brings in additional vulnerabilities in a hospital for hackers to target, making cybersecurity a challenge.”

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  • Vital signs look weak for private hospitals in Saigon

    Vital signs look weak for private hospitals in Saigon

    Some are being forced to offload their assets and close with the weight of massive loans bearing down on them. Major private hospitals in Ho Chi Minh City are struggling to turn a profit despite making massive investments in infrastructure and equipment. Some of them have even called it quits or have sold out to other investors.

    By the time International General Phuc An Khang Hospital in District 2 wrote to health authorities in April to inform them it would be closing after just two years, it had had already racked up accumulated losses of VND60 billion ($2.64 million).

    With 500 beds meeting international standards, Phuc An Khang hospital used to make VND3 billion per month in revenue.

    But that sum was only enough to cover staff salaries, and the hospital had to use its own capital for other expenses such as medicine, director Mai Tien Dung told in an earlier interview.

    “The pressure from the loan we took out in the first place to build the hospital is probably the main reason for our downfall,” he said.

    It’s a similar story for Phu Tho General Hospital in Tan Phu District.The hospital’s investor plans to sell equipment worth VND200 billion and other assets to pay outstanding salaries to staff.

    This hospital closed its doors after its investor failed to pay interest on a total loan of VND120 billion to 30 lenders.

    After the investor jumped ship, the lenders seized the hospital’s equipment and turned it into a parking lot.

    Fallen star

    Once regarded as a bright light in the country’s high-end medical sector, Vu Anh International General Hospital in Go Vap District is now looking for partners to save its business.

    Doctor Vo Xuan Son, director of Exson International Clinic in District 10, said that a number of factors are making it difficult for private hospitals, including unfair policies between public and private facilities.

    “Revenue at private hospitals is fairly stable, but their profits are always low because, unlike public hospitals, they have to bear expenses for hiring premises, equipment depreciation and corporate income tax,” Son said.

    Management is another headache for private hospitals as most directors are doctors with no business experience, he added.

    More than 170 private hospitals with 45,000 beds are operating in Vietnam, according to data from the Vietnam Private Hospital Association, and the country has been calling for more private investments in public hospitals to improve service quality in the public sector.

    Total expenditure for healthcare service in Vietnam makes up 5.8 percent of the country’s economy, the highest in the region, said the Vietnam 2035 report released last year by the World Bank and Ministry of Planning and Investment.

  • Private hospitals struggle to stay open in Vietnam

    Private hospitals struggle to stay open in Vietnam

    Many private hospitals in HCM City are on the verge of shutting down as most average patients prefer cheaper prices at public hospitals. Diep Van Phat, chairman of the International Phuc An Khang Hospital (Ipak), ordered employees to stop receiving patients as the hospital will shut down on April 28.

    Ipak Hospital was converted into a modern hospital from five blocks apartment buildings with an investment of VND2.5trn (USD109m).

    It was hoped that Ipak could reduce the overload at several hospitals in District 2, District 9 and Thu Duc District and some patients from Dong Nai Province.

    However, hundreds of doctors and nurses haven’t received their wages for February and March as the hospital lacks patients.

    Two firms have been invited to invest in Ipak but nothing has progressed. The hospital has incurred VND60bn (USD2.6m) in debt.

    About 4,000 patients who have just registered their health insurance here will be transferred to other hospitals and 50% of the employees have no idea where to go to after the hospital is closed.

    The 72-story Phu Tho Hospital in Tan Phu District was closed several years ago after being put into operation for only six years.

    Debts to the employees and shareholders haven’t been settled.

    The hospital is being offered at VND390bn (USD17m) but hasn’t attracted any buyer.

    No one believes the hospital can thrive and the price is deemed too high for a regular real estate investment.

    City International Hospital in Binh Tan District is also struggling. It was opened in 2014 with an investment of USD80m.

    But now they have to cover USD1m in losses every month.

    Tran Thi Lam, chairman of Hoa Lam Corporation, the hospital’s investor, hopes that the city authorities and the Ministry of Health will support them with more access to funds and co-operation with public hospitals.

    Many private hospitals in Vietnam don’t participate in primary health care activities so patients can’t use their health insurance there and eventually are put off by private hospitals.

    Meanwhile, the people with health insurance in public hospitals are complaining about the treatment difference.

    Experts have also complained about private companies being hired to supply equipment in many public hospitals and can earn huge commission fees.

    Some tests, operations and health check-ups in public hospitals actually have higher fees than in private hospitals.

    It’s clear that with better equipment, the patients will be first to enjoy the benefits but it’s also creating a disparity as patients who don’t use health insurance are offered better customer services.

    61-year-old Nguyen Van Tuan said he felt self-pity sometimes. “I wait from morning until noon to have my name called and the health check-up is sloppy. People with money are guided by the hospital employees to the designated rooms and taken care of. The process is much quicker too,” he said.

    Dr Le Van Toan who retired from a local public hospital to opened a private clinic said it’s like there was a “private hospital” inside the public hospital where patients were treated like gods.

    But everywhere else is overcrowded and patients sleep or eat out in the hallways.

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