ASIA's second-biggest publicly traded operator of hospitals, Parkway Holdings, will price shares in its real estate investment trust at $S1.28 each to raise $S369.8 million ($284.2 million) in a stock sale.
Parkway Life Real Estate Investment Trust, which will hold the company's three hospitals in Singapore, is pricing the 288.9 million shares near the top end of the $S1 to $S1.34 range announced last month. The company told the Monetary Authority of Singapore it was raising funds to invest in health-care assets in Asia.
"The Asian health-care industry is expected to grow due to factors such as strong economic growth, rising personal income, increased awareness and expectation towards health-care," the company said in the filing. The trust will offer a yield of 4.9 per cent for 2008, and 5 per cent for 2009.
Parkway Life REIT joins 17 other real estate investment trusts in Singapore, a market valued at $18 billion. The trust will be the second REIT in Singapore that has hospitals in its portfolio, after PT Lippo Karawaci's share sale for its First REIT, which owns three Indonesian hospitals and a country club.
Parkway said it would hold at least 30.1 per cent of the trust after the REIT goes public. It said last month that it wanted to acquire hospitals and clinics in markets such as China, Vietnam and India.
The REIT's shares start trading on the Singapore exchange on August 23. Shares of Singapore-listed Parkway Holdings have risen 18 per cent this year, compared with a 12 per cent gain in the Straits Times Index.
The shares, at $S3.74, up S6c yesterday, have a gross yield of 2.4 per cent.
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