March 10, 2023

BUSINESS TIMES COVERAGE: TEMASEK’S SEATOWN INVESTS S$150 MILLION TO SET UP MEDICAL GROUP FOUNDATION HEALTHCARE

March 10, 2023 by Foundation Healthcare Holdings

SINGAPORE – SeaTown Holdings, the investment manager indirectly owned by state investor Temasek, has invested $150 million to establish a new Singapore-based medical group, Foundation Healthcare Holdings (FHH).

Established on Wednesday, FHH comprises 50 medical specialists across 13 areas of expertise, such as cardiology and general surgery.

It is estimated to have a pro forma revenue of over $130 million, making it one of Singapore’s largest private healthcare groups, SeaTown said.

The company is led by chief executive Liaw Yit Ming, former head of strategic planning as well as mergers and acquisitions at IHH Healthcare.

Its chief operating officer, Dr Lee Hong Huei, was previously the head of South-east Asia at Parkway Group.

The funding for the medical group is fully in equity, a SeaTown spokesman said.

The investment was made via SeaTown’s private equity fund, the SeaTown Private Capital Master Fund.

FHH will use the funds to pursue a “buy-and-build” strategy to expand its network and geographical footprint, as well as extend into other healthcare services.

The company will also develop a data-driven tech platform to improve coordination between stakeholders, especially insurers and other third-party payers.

It will tap the capabilities of its healthtech unit, Smarter Health – led by former Parkway East Hospital chief executive Choy Shook Yee.

FHH hopes to “build a sustainable private healthcare system that is accessible, affordable and accountable”, said Mr Liaw.

This strongly resonates with SeaTown, added its managing director Dickson Loo.
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