Medical Sector To Remain Unaffected By Ongoing Geopolitical Tension -- Sunway Healthcare

KUALA LUMPUR, March 18 (Bernama) -- The Malaysian medical sector is not affected by ongoing geopolitical tensions in the Middle East; hence, the outlook for the medical tourism sector remains strong for this year, said Sunway Healthcare Holdings Bhd. 

Chief financial officer Chelsea Cheng said the company’s main markets for medical tourists are ASEAN and China, with most inbound patients coming from Indonesia, China, Cambodia, India and other nearby Southeast Asian countries.

“Given the current outlook of the United States–Iran conflict, the healthcare sector does not rely heavily on European tourists right now. 

“At this moment, I believe we are pretty much shielded, and we are confident about our medical tourism outlook for the year," she told a press conference after the company’s listing ceremony here today.

Sunway Healthcare Group president Datuk Lau Beng Long said the company anticipates medical tourists coming from the Middle East to Malaysia, especially from Dubai, which is a regional medical tourism hub.

He said there could be a shift, with Middle Eastern patients who previously sought treatment there now opting to travel to Malaysia and the wider Asian region for temporary care until the situation stabilises.

"The fact that the ringgit is very strong against the Singapore dollar has also benefited us a fair bit, and there has been a notable shift in medical tourism from Indonesia to Malaysia too.

The ringgit rose against the Singapore dollar to 3.0621/0806 this morning from 3.0635/0673 yesterday.

Today, Sunway Healthcare made its debut on the Main Market of Bursa Malaysia at RM1.70, a premium of 25 sen from its initial public offering (IPO) price of RM1.45, with 38.37 million shares traded.

In a statement, the integrated healthcare provider said the IPO raised RM3.3 billion from its base offering and over-allotment option, making it Malaysia’s largest IPO in nine years and the second largest IPO in ASEAN’s healthcare sector to date.

Commenting on the successful listing, Sunway Group founder and chairman Tan Sri Dr Jefrey Cheah said the strong response to the IPO from both local and foreign institutional investors, as well as from the Malaysian public, reflects the trust placed in Sunway Healthcare and the Sunway brand.

"We aspire to build a healthcare institution recognised not only for its size, but for its excellence, innovation, as well as compassion and care for patients. 

"As Sunway Healthcare embarks on this new chapter, we will also continue to be guided by our commitment towards nation-building in our pursuit to establish a Malaysian healthcare group that can rival, or even surpass, the finest medical institutions in the world," he added. 

-- BERNAMA