NSCMA president starts NSCMH private placement
SEREMBAN: NSCMH Holdings Sdn Bhd has launched its private placement exercise with a strong show of confidence from the Negri Sembilan Chinese Maternity Association (NSCMA) president, Datuk Seri Lee Tian Hock (pic), who became the first subscriber with a RM25mil investment for 10 million shares.
In a statement, NSCMH Holdings said support also came swiftly from the Seremban Wah Chai Association and the Negeri Sembilan Persatuan Hainan, which committed RM1mil and RM250,000, respectively.
Following a briefing session, the three parties submitted their subscription forms on the spot.
The private placement, priced at RM2.50 per share, is open to members of the NSCMA, employees, association members, and attending doctors of CMH Specialist Hospital and CMH Dialysis Care.
A minimum subscription of 100,000 shares applies, with the exercise running until Sept 6.
Lee conducted the briefing, outlining the mechanics of the placement, the hospital's long-term development blueprint and answering questions from attendees.
He assured that should the subscription be oversubscribed, he would reduce his portion to accommodate others.
However, if undersubscribed, he would take up the balance to ensure the success of the exercise.
'This is not only a fundraising initiative but also a commitment to social responsibility.
'By leading with my own investment, I hope to inspire confidence and drive collective participation towards the success of this private placement,' Lee said.
NSCMH Holdings plans to issue 18 million new shares.
It is targeting RM45mil to finance 30% of the RM120mil construction cost for CMH Specialist Hospital's new medical block.
This comes under its phase two redevelopment project.
The remaining RM80mil will be funded through bank borrowings guaranteed personally by Lee, with corporate guarantees from NSCMA and NSCMH Holdings.
Lee stressed that the arrangement does not involve mortgaging hospital land or buildings and complies fully with the association's constitution.
Upon completion of the exercise, NSCMA will retain a controlling stake of 69% in the company.
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