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Photo from Fullerton Health's website.

Fullerton Health completes RRJ Capital-led merger

This came after the healthcare provider reached a settlement with two ex-directors.

Singapore-based Fullerton Health has completed a merger led by RRJ Capital (RRJ) involving an equity injection by the private equity firm and a senior loan totalling $282.24m (S$390m), the healthcare company said in a press release.

The company said the merger has been legally completed under the laws of the Cayman Islands where it is registered, after having received approval by 85.8% of shareholders on 5 May. The merger involved the combination of Fullerton Healthcare Corporation with Fullerton Health and the latter continuing as the surviving entity.

RRJ has subscribed for $101.32m (S$140m) of new ordinary shares in Fullerton Health, whilst the company has entered into a senior loan facility agreement for $180.92m (S$250m) with three reputable banks, Fullerton Health said.

READ MORE: Fullerton Health reaches settlement with directors

RRJ’s existing perpetual securities and convertible preference shares have been cancelled and offset against $130.26m (S$180m) worth of new shares issued by Fullerton Health, as well as subordinated debt and cash.

Following the merger, RRJ is now the majority shareholder of the Company. The remaining stakes are held by shareholders, such as Ping An Capital, who have elected to rollover.

A new nine-member board of directors will be set up for Fullerton Health. David Sin of SIN Capital and two other co-founders, Dr Michael Tan and Dr Daniel Chan will no longer be involved with the Board. The two doctors reached a settlement agreement with the company last month.

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