Singapore Exchange (SGX) today welcomed Econ Healthcare (Asia) Limited to its Catalist under the stock code “EHG”.
With a track record of 30 years, Econ Healthcare (Asia) Limited is the largest private nursing home operator by revenue in Singapore and Malaysia, primarily providing residential nursing care, home care, rehabilitation, clinical as well as Traditional Chinese Medicine services in 10 medicare centres and nursing homes. Econ Healthcare (Asia) Limited has also expanded into China with the establishment of Chongqing Nursing Home, which is expected to commence operations in 2021.
Mr Ong Chu Poh, founder, Executive Chairman and Group Chief Executive Officer of Econ Healthcare, said, “Econ Healthcare has grown from strength to strength over the past three decades. We have built up a resilient business model with excellent operational know-how that we can leverage as we scale and expand our service offerings to meet the demands of growing ageing populations in Singapore, Malaysia and China.
“These markets present attractive opportunities for growth as they benefit from affluent and rapidly ageing populations outpacing population growth, as well as an increasing demand for quality eldercare services, underpinned by supportive government policies. Econ Healthcare will continue to build on our market leading position in Singapore and Malaysia while setting our sights on China to ride the silver wave in these markets.”
Econ Healthcare (Asia) Limited is part of Enterprise Singapore’s (ESG) Scale-up SG programme, which helps high-growth local companies scale rapidly. Since 2019, Econ Healthcare has been working closely with ESG to identify new growth and expansion strategies.
Ted Tan, Deputy Chief Executive Officer of Enterprise Singapore, said, “Asia’s growing silver population and ongoing shifts in consumer behaviour present new demand, and correspondingly new opportunities to reimagine elder care for the region. Enterprise Singapore congratulates Econ Healthcare on its successful listing, and will continue to support them in its growth ambitions through the Scale-up SG programme. With its extensive experience in serving the elderly and continuous innovation on its offerings, we are confident that Econ Healthcare will be able to bring Singapore’s high standards of care to the world.”
Mohamed Nasser Ismail, Global Head of Equity Capital Markets, SGX, said, “We are delighted to welcome Econ Healthcare back to SGX Catalist, as it continues to tap on our capital-raising platforms to expand and grow its business. Over the years, Econ Healthcare has strengthened its management and track record, and has built up a resilient business model that is well positioned to support the growing ageing populations in Singapore and the region.”
With a market capitalisation of about S$72 million, the listing of Econ Healthcare (Asia) Limited brings the total number of companies listed on Catalist to 218, with a combined market capitalisation of around S$11 billion.
Econ Healthcare (Asia) Limited opened at S$0.285 today.
