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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.
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.
