KUALA LUMPUR: Al Faiz Fund 1 Ltd, a syariah-compliant private fund, has made a conditional offer to acquire a 24.9% stake in Singapore Main Board-listed Pacific Healthcare Holdings Ltd (Pacific Healthcare).

Established in Labuan, Al Faiz Fund 1 is jointly managed by the fund management subsidiaries of the Kuwait Finance House (Malaysia) Bhd group (KFH-Malaysia) and Kuwait-listed Al-Aman KSCC.

In a statement yesterday, KFH-Malaysia said the latest development marked the fund’s second investment in the Singapore healthcare sector and third investment in Singapore.

Al Faiz Fund 1 will subscribe for 73.01 million new shares issued by Pacific Healthcare, which represent about 20.6% of the enlarged issued share capital.

In addition, through a sale and purchase agreement with Pacific Healthcare executive director and CEO Dr William Chong Lai Leong, Al Faiz Fund 1 will acquire another 15 million shares.

KFH-Malaysia said Pacific Healthcare, the largest non-hospital-based healthcare provider of specialist medical services in Singapore, had 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.