Lippo China Resources Limited (SEHK:156) made an offer to acquire the remaining 92.94% stake in Healthway Medical Corporation Limited (Catalist:5NG) from Continental Equity Inc., RHB Asset Management Sdn Bhd and others for approximately SGD 110 million in cash on February 7, 2017. Under the terms of the offer, Lippo China will pay SGD 0.042 per share in cash for the shares of Healthway and will also acquire the convertible notes of Healthway for SGD 12.41 million. If the offer becomes unconditional, Healthway Medical will become subsidiary of Lippo China.

The transaction is subject to a minimum tender of 50% shares of Healthway. Lippo China intends to maintain the listing of Healthway, however upon achieving 90% or more, Lippo China will consider whether or not to exercise its rights of compulsory acquisition. The deal is expected to close on March 28, 2017.

As of March 14, 2017, Provenance Capital considers that offer is not fair but reasonable and accordingly advised the Directors to recommend shareholder to accept the offer. As on March 22, 2017, the offer will be open for a period of at least 28 days from posting of the offer document and will close on March 28, 2017. Closing of the offer is extended and now transaction is expected to close on May 2, 2017.

As of April 26, 2017, the deadline for the offer has been extended to May 12, 2017. RHB Securities Singapore Pte. Ltd. acted as financial advisor for Lippo China Resources Limited.

Provenance Capital Pte. Ltd. acted as financial advisor for Healthway Medical Corporation Limited. PriceWaterhouseCoopers Singapore acted as accountant for Healthway Medical Corporation Limited.

Sandy Foo of Rajah & Tann acted as a legal advisor for Healthway Medical Corporation Limited.