KUALA LUMPUR: LYC Healthcare Bhd has moved a step closer towards getting its healthcare business listed on the Singapore Exchange’s Catalist board exercise.

       This is following the signing of share swap agreements between its two wholly-owned units, LYC Medicare Sdn Bhd (LYC Malaysia) and LYC Medicare (Singapore) Pte Ltd (LYC Singapore).

       The internal reorganisation exercise involved LYC Malaysia transferring its entire equity interests in three subsidiaries to LYC Singapore, the listing vehicle, for S$14.23mil (RM43.9mil), which would be satisfied with the issuance of shares in LYC Singapore, the company told Bursa Malaysia.

       On completion of the reorganisation, HC Orthopaedic Surgery Pte Ltd, T&T Medical Group Pte Ltd and LYC Nutrihealth Sdn Bhd will be owned 51%, 51% and 100%, respectively, by LYC Singapore, which in turn is a wholly-owned subsidiary of LYC Malaysia.

       LYC Healthcare said the exercise was expected to be completed by the fourth quarter of 2021. — Bernama