KUALA LUMPUR (Feb 7): Sancy Bhd, in which tycoon Tan Sri Shahril Shamsuddin owns direct and indirect stakes of 20.25%, is seeking a listing on Bursa Malaysia’s LEAP Market.

The digital healthcare solution provider will have an issued capital of 679.17 million shares upon listing. Based on a reference listing price of 12 sen a share, the company is slated to have a market capitalisation of RM81.5 million upon its tentative listing this month subject to the stock exchange’s approval, according to the company’s information memorandum filed with the bourse.

Sancy said it provides a range of healthcare information technology solutions, system integration and information and management system solutions that facilitate the management, support and coordination of the activities within the organisation of healthcare providers.

As at Jan 20, the company’s substantial shareholders were Sancy Consulting Sdn Bhd with a 45.33% direct equity interest, Sancy Holdings Sdn Bhd (22.82%) plus Sapura Capital Sdn Bhd (10.25%) and businessman Shahril (10%).

Sancy Consulting is 80% owned by Sancy group managing director Dr Izhar Che Mee, while 20% is held by group CEO Prabuddha Kumar Pronob Chakravertty (Chaks). Chaks also directly holds 54.85% of Sancy Holdings, and indirectly owns the remaining 45.15% by virtue of his family.

Shahril, a substantial shareholder of Sapura Energy Bhd, bought some 67.92 million shares, or a 10% stake, in Sancy at 9.4 sen per share in June last year.

Later, his family’s investment vehicle Sapura Capital bought 69.92 million shares, or a 10.25% stake, in Sancy at 9.4 sen apiece in July and October last year.

Several investors, meanwhile, bought some 10.68 million shares at 12 sen per share.

From the RM7.67 million in proceeds raised from the subscriptions, Sancy said it is to use RM6.67 million (87%) for working capital requirements and the remaining RM1 million (13%) for estimated listing expenses.

Sancy said it has no dividend policy but noted that it intends to pay dividends to reward shareholders while maintaining an optimal capital structure and ensuring sufficient funds for its future growth.

“However, such payment of dividend will depend on our company’s income and dividend from our subsidiaries,” it added.

Going forward, the digital healthcare solutions provider said it aims to broaden its customer base by expanding throughout Malaysia, specifically increasing its presence by reaching out to more healthcare providers.

Sancy noted that it also aims to penetrate into the insurance guarantee letter processing industry in Malaysia and envisage its proprietary product, IDEAS, to contribute significantly to its revenue moving forward.

The company also said it intends to diversify its revenue stream by diversifying into providing electronic medical record (EMR) software utilisation training.

Astramina Advisory Sdn Bhd is the approved advisor for the listing exercise.