After several years in the hands of private equity firm EQT, private nursing home operator Econ Healthcare is looking to relist on Singapore’s junior Catalist.
The company, which is currently the largest private nursing home operator in 2019 in Singapore and Malaysia, first listed in 2002 and delisted a decade later in 2012.
According to the preliminary prospectus, Econ Healthcare runs 10 medicare centres and nursing homes in Singapore and Malaysia with 1,376 beds.
It has also been appointed as an operator of two nursing homes in Singapore – the Econ Medicare Centre and Nursing Home Henderson will be operational in the latter half of next year while the other, in Jurong, in 2025. This will almost double the group’s capacity.
For the first six months of this financial year, while profits more than doubled to S$3.7m (US$2.8m) revenues slipped 8.1% to S$10.2m on fewer private residents.
DBS is managing the deal.