Bloomberg News

China Healthcare Gets Joint Takeover Offer From Founder Ong, EQT Partners

March 04, 2012

EQT Partners AB, the private equity firm partly owned by Sweden’s Wallenberg family, and China Healthcare Ltd. (CHL) founder Ong Chu Poh made a joint offer to take over the Singapore-based company in a deal valued at S$80.4 million ($64 million).

The joint venture, called Econ EQT Investment Pte Ltd., will offer 28 Singapore cents a share for the stock it doesn’t already own, according to a statement to the Singapore Exchange today. The venture currently owns 71.15 percent of China Healthcare, comprising Ong’s 49.08 percent stake and the 22.07 percent shareholding bought by an EQT unit. The stock last traded at 24 cents on Feb. 28.

China Healthcare, led by Chief Executive Officer Chua Song Khim, operates medicare centres and nursing homes in Singapore, according to its website. The company, which sold shares at 28 cents each in an initial public offering in 2002, plans to expand into China and Malaysia.

EQT funds have invested in about 90 companies in Europe, including Candyking in Sweden and Carl Zeiss Vision in Germany, according to its website. In Singapore, the company invested in Classic Fine Foods through EQT Greater China II fund in January last year.

To contact the reporter on this story: Joyce Koh in Singapore at

To contact the editor responsible for this story: Philip Lagerkranser at

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