Healthway

Healthway - Healthway said in an after-market announcement that shareholders at its EGM yesterday approved the further distribution of up to 675,324 shares, or a stake of 3.38%, in Healthway Medical Development (HMD). HMD is the medical asset development company that is undergoing a restructuring, with plans for a listing under the name of International Healthway Corporation (IHC). Earlier this month, Healthway said that the additional distribution was a way of rewarding shareholders for their continuous support of the group. It also serves to mark a significant milestone in the grp's investment in HMD and the submission of a pre-admission notification to the SGX-ST for the proposed listing of IHC, adding that the move was also in line with its intention to divest its entire stake in HMD with minimal costs. Healthway first announced its plans to restructure its interest in HMD in 2011. It said then that it would distribute up to a stake of 10% in HMD, representing about 40% of its then 25% HMD shareholding, to Healthway shareholders for free. It would then hold the remaining 60% of its shareholding, or a stake of 15%, in HMD for divestment. Late last year, Healthway sold a 1% stake in HMD to third-party investors, trimming its 15% holding in HMD to 14%. In its recent announcement, Healthway said that with the further distribution in specie, the company would have declared dividends of up to $14.815m representing a stake of up to 13.38 equity interest in HMD. This will leave Healthway with a stake of 10.62%.