Econ Healthcare aims Catalist relisting

It has lodged its preliminary prospectus for a listing.

Private nursing home operator Econ Healthcare is seeking to relist on the Catalist board of the Singapore Exchange after recently lodging its preliminary prospectus and sharing its expansion plans.

The company was first listed in 2002 and delisted in 2012.

According to the preliminary prospectus, Econ Healthcare currently runs 10 medicare centres and nursing homes in Singapore and Malaysia with a total of 1,376 beds. It has also been appointed as an operator for two upcoming nursing homes in Singapore, with one expected to be operational in 2022 and the other in 2025.

Econ Healthcare generated a revenue of $10.2m for the first six months of FY2021, down from $11.1 the previous year due to fewer private residents. Although, there was a slight increase in operating subvention grants from $7.5m in H1 FY2020 to $8.4m in H1 FY2021, due to the increase in bed occupancy by subsidised residents amidst COVID-19’s impact on hospital resources.

H1 FY2021 net profit went up to $3.7m from $1.5m a year ago.

The IPO is managed by DBS Bank.

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