Admission to Trading on AIM
Placing to raise £2.1m before expenses
MediLink-Global UK Limited (MEDI), the electronic healthcard network service provider, announces the successful admission to trading on AIM today. The Company raised £2.1 million before expenses at a Placing Price of 18 pence per share and at admission the company is valued at £18.6 million. The net placing proceeds will be used to provide working capital to fund the expansion of the healthcare network, initially across China but also into other new territories.
The Group has appointed Dowgate Capital Advisers Limited as its Nominated Adviser (NOMAD) and SVS Securities plc as its Financial Adviser and Broker.
Key Information about Medilink:
• The Medilink System was created in late 2002 in Kuala Lumpur. It provides electronic healthcard network services to insurance and other companies and third party administrators to facilitate the administration of medical claims and healthcare data management.
• The Medilink System provides members with an electronic swipe card which, on presentation, allows the Healthcare Service Providers to electronically assess whether the member is eligible for insurance cover relevant to their condition.
• The Medilink System is now well established in the Malaysian healthcare industry. The Group has successfully secured two major accounts with its principal clients. The Company has now installed the Medilink System through a network of over 100 hospitals and 2,000 clinics. To date the Company has issued over 1.8 million cards to Malaysian members.
• The Directors believe that the Company is the only operator in Malaysia to provide a real-time electronic insurance verification system. As such, it facilitates easier medical claims for members and can be used as a selling point for insurance companies to recruit corporate clients.
• Following an agreement with ING, in 2006 an initial 1,800 EDC terminals were deployed throughout Malaysia. In 2007 the Group signed its first software license with Great Eastern Life Assurance (Malaysia) Berhad.
• In 2006 the Group secured its first contract in China with Generali China Life Insurance Co. Ltd. To date, MidLink has established a network of approximately 100 Healthcare Providers across ten key Chinese cities and over 33,000 cards have been issued to Chinese members. The Directors believe that there is a considerable opportunity in China and an implied market potential of some RMB 489 billion.
For the full press release, please download the attatchment below: