According to people with knowledge about the matter, the company's minority stake could be valued at about S $1 billion $721 million, according to the Bloomberg-based regional health care provider.
The people said that the company, which is backed by Swedish buyout firm EQT AB, is working with a financial adviser on the potential offering of as much as a 30% stake. The people who asked not to be identified as the process is private said that the HMI Group plans to issue new shares and use the proceeds for expansion and acquisitions.
The people said that there was no guarantee that the company will go ahead with the transaction. Representatives for EQT and HMI did not want to make a statement.
HMI Group, founded in 1998, serves approximately 500,000 patients a year in its two hospitals in Malaysia, an ambulatory medical center and a general practice clinic chain in Singapore, according to EQT's website. This year, it acquired a majority stake in Eagle Eye Center Pte in Singapore.
HMI Group, previously known as Health Management International Ltd., went public in Singapore in 1999. In the year 2019 EQT took it private in a S $611 million deal.
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