KUALA LUMPUR (Dec 24): Apex Healthcare Bhd (KL:AHEALTH) announced on Wednesday that Pharmora Investment Holdings Pte Ltd has raised its effective stake in the company to 91.65% after the takeover bid turned unconditional on Dec 22.
According to bourse filings on Wednesday, Pharmora secured 659.05 million shares, representing a 91.22% stake in Apex Healthcare as of Dec 22. It subsequently purchased another 3.08 million shares from the open market on Dec 23, raising its effective stake to 91.65%.
Pharmora is a special-purpose vehicle which is held by joint-ultimate offerers, Quadria Capital Fund III Holdings Pte Ltd and Dr Kee Kirk Chin, who is a major shareholder, chairman and chief executive officer of Apex Healthcare.
On Dec 16, Pharmora and the parties acting in concert collectively held 88.02% of Apex Healthcare’s equity, falling short of the compulsory takeover threshold of 90%. As a result, the closing date for the voluntary offer has been extended to Jan 2, 2026, from Dec 19, 2025.
Independent adviser Kenanga Investment Bank has recommended that minority shareholders accept the offer, describing it as “fair” and “reasonable”.
Kenanga noted the offer price represents a 17% to 25% premium over its estimated per-share value of RM2.11 to RM2.26, and highlighted the illiquid nature of Apex Healthcare’s shares as a factor supporting acceptance.
The offerers do not intend to maintain Apex Healthcare’s listing status.
Apex Healthcare shares were unchanged at RM2.63, giving the group a market capitalisation of RM1.9 billion.