Fullerton Health Weighs Stake Sale at $1.1bn Value

Fullerton Health is considering selling a minority stake to raise funds to expand its medical services operations, according to people with knowledge of the matter.

The Singapore-based company, which counts private equity firm RRJ Capital and Ping An Capital as its major shareholders, is in discussions with potential investors for a stake of as much as 20%, the people said. A deal could value Fullerton Health at more than S$1.5 billion ($1.1 billion), said the people, who asked not to be identified as the process is private.

Deliberations are ongoing and there is no guarantee that Fullerton Health will proceed with the planned transaction, the people said. A representative for RRJ Capital declined to comment, while a representative for Fullerton Health didn’t immediately respond to requests for comment.

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RRJ Capital emerged as the majority shareholder after leading a merger of Fullerton Health and Fullerton Healthcare Corp., according to a statement. The transaction involved an equity injection and a senior loan of S$390 million. The merger, which was completed in August, allowed Fullerton Health to substantially reduce its debt and increase working capital, and gave it more flexibility to raise funds.

Fullerton Health operates in nine markets including Singapore, the Philippines and Indonesia, according to the statement. It owns over 550 facilities and has more than 6,000 employees. The company reported revenue of over S$800 million for the financial year ended 2021.

Founded by brothers Richard and Charles Ong, RRJ has over $15 billion of long-term capital under management, the statement shows.

Source: BNN Bloomberg

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