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Medical group Foundation Healthcare raises $400 mil in nine months, projects speedier growth in 2024

The Edge Singapore
·1-min read

Besides Seatown, other investors include East Ventures and EMTEK

Set up just in March, Foundation Healthcare Holdings has raised some $400 million in debt and equity to finance its strategy of growing by acquisitions.

FHH, which describes itself as "one of the fastest growing and largest private multi-specialty groups in Singapore" has attracted investors such as Temasek subsidiary Seatown Holdings, which invested $150 million earlier this year.

From just over 50 medical specialists at the start, FHH now boasts more than 70 specialists nine months later. It runs 52 clinics and 2 medical centres across the island and within the key private hospitals here.

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Besides Seatown, other investors include East Ventures and EMTEK.

FHH expects to grow at faster pace this coming year, with plans to add more specialist practices and support services.

FHH was founded by CEO Liaw Yit Ming, who was with Malaysia's sovereign wealth fund, Khazanah, and was also with head of strategic planning and M&A at IHH Healthcare Q0f, whose key shareholder is Khazanah.

FHH's COO is Dr Lee Hong Huei, who was previously running various hospitals under IHH Healthcare.

Within FHH's management team, chief commercial office Choy Shook Yee was from IHH Healthcare. She was previously a CEO of Parkway East Hospital and COO of Mount Elizabeth Novena, both of which are hospitals under IHH.

“We started Foundation Healthcare to contribute to the transformation of the private healthcare system to deliver better value for patients," says Liaw.

"It is our hope that this vision will energise other like-minded stakeholders to collaborate on a broader scale to make an even greater impact," he adds.

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