Cengild Medical Sucessfully Debuts on the Ace Market

Left to right: 1. Emeritus Professor Dato’ Dr Goh Khean Lee, Executive Director, Cengild Medical Berhad 2. Lee Jim Leng, Group Managing Director / CEO, Hong Leong Investment Bank Berhad 3. Dato’ Dr Tan Huck Joo, Executive Chairman, Cengild Medical Berhad 4. Dr Chong Su-Lin, Independent Non-Executive Director, Cengild Medical Berhad 5. Lily Yap, CEO, Cengild Medical Berhad 6. Dr Mohamed Akhtar Bin Mohamed Ditali Qureshi, Executive Director, Cengild Medical Berhad 7. Dr Azrina Binti Abu Bakar, Independent Non-Executive Director, Cengild Medical Berhad

Healthcare provider, Cengild Medical made its debut on the ACE Market of Bursa Malaysia Securities Berhad today. 

The company specializes in the diagnosis and treatment of gastrointestinal and liver diseases, and obesity.

This counter which carries the stock name CENGILD and stock code 0243. Its Initial Public Offering (IPO) price was RM0.33 per share, translating to listing market capitalisation of RM270.20 million. 

Approximately RM72.2 million was raised from this IPO wherein RM13.00 million will be utilised for the expansion of its existing medical centre at Nexus @ Bangsar South, Kuala Lumpur, by leasing additional space of approximately 12,000 to 15,000 square feet to cater to current and future demand for its medical services. RM37.10 million will be utilised for geographical expansion by establishing two (2) new full-fledged medical centres specialising in gastrointestinal and liver diseases, and obesity in other major cities in Malaysia, such as Johor Bahru, Penang or Ipoh. RM17.40 million has been set aside for working capital purposes and the remaining proceeds of RM4.70 million will be for defrayment of listing expenses.

“As the only independent full-fledged medical centre in Malaysia specialising in gastrointestinal and liver diseases, and obesity, our aim is not only to provide the best treatment for our patients, but also to build a reputable centre of excellence in the region,” Executive Chairman of Cengild Medical, Dato’ Dr. Tan Huck Joo said

Cengild Medical’s IPO attracted strong interest, with the offering to the Malaysian public being oversubscribed by 44.53 times. 

Going forward, the private healthcare services market in Malaysia is anticipated to grow steadily at a CAGR of 9.6% from 2022 to 2026, underpinned by overall population growth, ageing population and increasing incidence of non-communicable diseases. 

Hong Leong Investment Bank Berhad is the Principal Adviser, Sponsor, Sole Underwriter and Sole Bookrunner for Cengild Medical’s IPO.

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