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Al Faiz Fund I Makes further Inroads into Singapore Healthcare Sector

08/12/2009 10:06:26 AM GMT 

08 December 2009

Kuala Lumpur, 7 December 2009 - Al Faiz Fund 1 Limited (Al Faiz Fund 1), a Shariah-compliant private fund established in Labuan and jointly managed by the licensed fund management subsidiaries of the Kuwait Finance House (Malaysia) Berhad Group (KFH-Malaysia) and Kuwait listed Al-Aman KSCC, announced a conditional offer to acquire 24.9 percent equity interest in Singapore Main-Board listed pacific Healthcare Holdings Limited (pacific Healthcare). This development marks the Fund's second investment in the Singapore healthcare sector and third investment in Singapore.

Under the terms of the conditional offer, Al Faiz Fund 1 will subscribe for 73,012,692 new ordinary shares issued by pacific Healthcare, which represents approximately 20.6 percent of the enlarged issued share capital of the Company. In addition, through a Sale and purchase agreement with Dr William Chong Lai Leong, Executive Director and Chief Executive Officer of pacific Healthcare, Al Faiz Fund 1 will acquire another 15,000,000 shares. The acquisition is subject to approval from shareholders and regulatory authorities.

Currently the largest non-hospital based healthcare provider of specialist medical services in Singapore, pacific Healthcare has operations in Hong Kong, India and China, as well as representative offices in Jakarta and Ho Chi Minh City. Its facilities include Day Surgery Centres, a Cancer Centre and a Heart Scan Centre with the latest diagnostic imaging technology.

Lew Oon Yew, the Head of private Equity, KFH Asset Management Sdn Bhd, has stated that, "The acquisition of pacific Healthcare is in line with our commitment to share our experiences from the Middle East with the various industries in this part of the world. KFH-Malaysia has the expertise in Islamic banking and finance, as well as our experience of healthcare ventures in Kuwait and India. We are therefore able to complement the technical know-how and premier quality healthcare services that pacific Healthcare provides to consumers."

An Islamic private equity fund, Al Faiz Fund I, invests strictly in accordance to Shariah principles and values. It offers the advantage of an ethical investment product with high performance, portfolio diversification, superior risk-adjusted returns and diverse investment opportunities.

To date, seven investments have been completed in Asia by Al Faiz Fund 1. Launched on March 5, 2008, Al Faiz Fund 1 focuses on medium-sized businesses, with sales of around USD10 million (MYR33.8 million) to USD 100 million (MYR338.1 million) per annum, in resilient industries such as education, healthcare, food and beverage, light manufacturing, retail and distribution, consumer products as well as environmental management. The Fund has attracted investors from the Gulf and Asia.

- Ends -

About pacific Healthcare Holdings Limited

pacific Healthcare Holdings Limited is a Singapore-based healthcare provider offering a comprehensive range of healthcare services through its team of more than 100 dedicated healthcare professionals and a wide network of clinics and facilities in the region. It currently operates 5 major integrated medical centres within the prime Orchard Road area in Singapore. Its medical specialities cover the fields of cancer care, cardiology, neurology, orthopaedics, obstetrics and gynaecology, head, neck and thyroid surgery, ear, nose and throat surgery, eye surgery, psychiatry, paediatrics, dentistry, general and vascular surgery and urology.

It has recently acquired the latest 256-slice CT scanner for heart disease, for its diagnostic imaging centre. The centre will also focus on the early detection of colon and peast cancer as part of the Company's plans to establish a cancer hospital by 2011. Renowned for its care, compassion and medical excellence, pacific Healthcare aims to be the premier healthcare group in Asia. The Company was established in 2001 and listed on the Singapore Exchange in 2005.

About Kuwait Finance House (Malaysia) Berhad

Kuwait Finance House (Malaysia) Berhad (KFH-Malaysia) commenced operations on 8 August 2005 and is a wholly-owned subsidiary of Kuwait Finance House K.S.C. (KFH ). A full-fledged Islamic bank, KFHMB has a paid-up capital of USD500 million and USD100 million in Tier II capital. The Rating Agency of Malaysia has reaffirmed the respective long and short-term general ratings of 'AA2' and 'p1' to KFHMB. KFHMB is the regional headquarters of Kuwait Finance House in the Asiap-acific, and has seven panches in Malaysia with subsidiaries in Singapore and Australia. For further information on the products and services, please contact the Customer Service Centre at +603 2056 7777 or log into the website at www.kfh.com.my.

KFH Asset Management Sdn Bhd (KFHAM) is a wholly-owned subsidiary of KFH-Malaysia and was set up to manage the group's fund management activities in the region. KFHAM holds a Capital Market Services License under the Capital Markets and Services Act 2007 for the regulated activities of Islamic fund management and restricted dealings in unit trusts.

For media enquiries, please contact:

Raja Zamilia Raja Dato' Seri Mansur

Director, Communications & pR

Kuwait Finance House (Malaysia) Berhad

DL : +603 2055 7898

Mobile : +6019- 286 2944

Fax : +603 2055 7815

E-mail : raja.zamilia@kfh.com.my

Hajjah Rumaizah Dato' Abu Bakar

Head, Media Relations & Communications

Kuwait Finance House (Malaysia) Berhad

DL : +603 2054 7550

Mobile : +6012-6876300

Fax : +603 2055 7815

Email : rumaizah.abubakar@kfh.com.my

© press Release 2009

Source: Zawya
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