International Healthway Corporation: What Happened to the Singapore Healthcare Company and Where It Stands in 2026

International Healthway Corporation Limited, better known as IHC, once represented an ambitious attempt to build a regional healthcare and healthcare-property platform across Asia. It entered Singapore’s Catalist market in 2013 with hospitals, nursing facilities and development projects stretching across several Asian markets.

Then came a turbulent period involving board changes, financing pressure, litigation and a major change in control. OUE Limited moved into the company in 2017, and the International Healthway Corporation name was subsequently replaced by OUE Lippo Healthcare Limited. Years later, the group shortened its name again to OUE Healthcare Limited.

That history matters again in 2026. OUE Healthcare remains the same Singapore-incorporated corporate entity identified by registration number 201304341E, but OUE’s wholly owned subsidiary Treasure International Holdings has proposed taking the company private through a scheme of arrangement.

Bottom line: International Healthway Corporation Limited is the former name of today’s OUE Healthcare Limited. IHC was renamed OUE Lippo Healthcare Limited on 9 October 2017 and later became OUE Healthcare Limited in 2023. The business remains active, although a S$0.050-per-share privatisation proposal announced in August 2026 could ultimately end its Catalist listing.

IHC Began With a Big Regional Healthcare Ambition

International Healthway Corporation’s early strategy was significantly broader than operating conventional clinics.

At the time of its listing, IHC positioned itself around healthcare services, healthcare facilities and medical-related property. Its initial portfolio included assets across China, Japan and Malaysia, while its business model combined the operation of healthcare facilities with ownership and development of healthcare-related real estate.

The company’s 2013 placement was priced at S$0.48 per share. Contemporary reporting placed its post-listing market capitalisation at approximately S$770.33 million, illustrating the scale of investor expectations surrounding the business at the time.

By the middle of the decade, IHC’s portfolio included nursing homes in Japan and hospital operations in China. When OUE announced its acquisition move in February 2017, it described IHC as owning 12 nursing homes in Japan and two hospitals in China, while also developing an integrated medical centre in Malaysia.

The strategy therefore combined two distinct economic engines: revenue from healthcare operations and value associated with healthcare properties.

The Numbers That Preceded the 2017 Turning Point

The company’s 2016 accounts show why 2017 became such an important year.

IHC reported consolidated revenue of S$49.06 million for 2016, compared with S$45.00 million for 2015. Revenue had increased, but profitability moved sharply in the opposite direction. The group recorded a loss before tax of S$75.82 million in 2016, compared with a profit before tax of S$15.03 million in 2015.

Its consolidated assets stood at approximately S$508.17 million, while consolidated liabilities reached about S$376.41 million at the end of 2016.

Those figures formed part of a much more complicated corporate period involving changes to the board, financing disputes and questions surrounding earlier transactions.

In February 2017, reports also disclosed that a covenant connected with S$100 million of outstanding bonds had been breached following a change in ownership structure. OUE subsequently agreed to provide IHC with a loan facility of up to S$50 million for working-capital requirements.

The events of this period should not be compressed into a simple story of falling revenue or an unsuccessful healthcare strategy. Revenue itself had increased in 2016. The deeper issues included financing structure, liabilities, governance changes and transactions that later became the subject of major litigation.

OUE’s 2017 Takeover Rewrote the Company’s Future

The decisive corporate shift came in February 2017.

OUE announced a mandatory unconditional cash offer for IHC at S$0.106 per share. Treasure International Holdings, OUE’s wholly owned subsidiary, agreed to acquire another 593,470,029 IHC shares, representing 35.77% of the company’s issued shares.

Following completion of that transaction on 20 February 2017, the offeror, OUE and OUE’s wholly owned subsidiaries collectively controlled approximately 57.60% of IHC.

That was far more than a passive investment. It established OUE as the controlling force behind IHC’s next phase.

Why the name changed in October 2017

Shareholders were subsequently asked to approve changing the company’s name from International Healthway Corporation Limited to OUE Lippo Healthcare Limited.

The special resolution was passed, and the change took effect on 9 October 2017. Corporate documents later explained that the new identity reflected the group’s links with OUE and Lippo-related companies.

The International Healthway Corporation brand therefore did not disappear because the legal company was dissolved. Instead, the listed company continued operating under a new corporate name and strategy.

Court Cases Preserved the IHC Name Long After the Rebranding

One reason the old International Healthway Corporation name still appears frequently in search results is the litigation arising from transactions carried out before the OUE era.

A significant Singapore Court of Appeal judgment in 2019, The Enterprise Fund III Ltd and others v OUE Lippo Healthcare Ltd, concerned arrangements in which a S$20 million standby facility was connected to purchases of IHC shares.

The Court of Appeal described the structure as involving a standby facility, open-market acquisitions of IHC shares and a trust arrangement. The court upheld the outcome that contractual obligations under the relevant loan agreements were void in connection with the prohibited indirect acquisition by IHC of its own shares.

Further proceedings reached the Court of Appeal in 2021 under Crest Capital Asia Pte Ltd and others v OUE Lippo Healthcare Ltd. The formal case title itself identifies OUE Lippo Healthcare as formerly known as International Healthway Corporation Ltd, reinforcing the legal continuity between the businesses.

These court decisions are useful when researching IHC because they provide judicially documented details rather than retrospective market speculation.

From OUE Lippo Healthcare to Today’s OUE Healthcare

Another identity change arrived in 2023.

OUE Lippo Healthcare proposed dropping “Lippo” from its listed name and becoming OUE Healthcare Limited. Company documents explained that the earlier IHC-to-OUE Lippo Healthcare change had occurred in October 2017, while the 2023 proposal followed an internal review of the group’s corporate identity.

The renamed group now describes itself as a regional healthcare company owning, operating and investing in healthcare businesses across Singapore, China, Myanmar, Indonesia and Japan.

Its present healthcare exposure is substantially different from the original IHC model.

In Singapore, OUE Healthcare participates in specialist healthcare through O2 Healthcare Group, including respiratory and cardiothoracic services. The group also owns approximately 27% of Healthway Medical Corporation, whose network includes more than 130 clinics and medical centres.

In China, OUE Healthcare operates Wuxi Lippo Xi Nan Hospital and participates through a joint venture in China Merchants-Lippo hospital projects. Changshu China Merchants-Lippo Obstetrics & Gynaecology Hospital was commissioned in May 2023, while the Prince Bay hospital in Shenzhen officially opened in July 2026 according to the group’s 1H2026 financial reporting.

The company also completed the divestment of its 12 Japanese nursing homes to First REIT in 2022, demonstrating how the asset base inherited from the earlier IHC era has continued to evolve.

The 2026 Privatisation Proposal Could Close the Listed-Company Chapter

The latest major development came on 24 August 2026.

Treasure International Holdings Pte. Ltd., OUE Limited’s wholly owned subsidiary, proposed acquiring all OUE Healthcare shares it does not already own through a scheme of arrangement under Section 210 of Singapore’s Companies Act.

The proposed consideration is:

S$0.050 in cash for each scheme share.

Immediately before the proposal, Treasure and its related interests already controlled about 89.68% of OUE Healthcare. That level followed the acquisition of 858,412,248 shares previously owned by Browny Healthcare, completed in February 2026.

The S$0.050 scheme consideration represented approximately a 28.2% premium to the S$0.039 last transacted share price on 21 August 2026. The announcement also calculated premiums against the company’s one-, three-, six- and 12-month volume-weighted average prices.

Importantly, this was announced as a proposed privatisation, not a completed delisting.

On 26 August 2026, OUE Healthcare announced the appointment of an independent financial adviser in connection with the proposed scheme. As of 21 September 2026, the company’s investor-relations page continues to list the August scheme announcements as the latest relevant privatisation updates.

A 13-Year Timeline From IHC to OUE Healthcare

2013 — Catalist debut
International Healthway Corporation Limited lists on SGX Catalist on 8 July 2013.

2016 — Financial pressure becomes visible
IHC records S$49.06 million in revenue but a S$75.82 million loss before tax.

February 2017 — OUE takes control
Treasure International Holdings’ acquisition lifts OUE-related ownership to approximately 57.60%, triggering a mandatory cash offer at S$0.106 per share.

9 October 2017 — IHC name disappears
International Healthway Corporation Limited becomes OUE Lippo Healthcare Limited.

2018 — ITOCHU investment
A strategic placement to ITOCHU raised approximately S$78.8 million and gave the Japanese group a 25.3% interest in the enlarged share capital at that time.

2019–2021 — Major litigation reaches Court of Appeal
Singapore courts decide disputes connected with earlier financing and IHC share-acquisition arrangements.

2022 — Japan portfolio changes
The 12 Japanese nursing homes are divested to First REIT.

2023 — Second rebranding
OUE Lippo Healthcare becomes OUE Healthcare Limited as its regional healthcare strategy continues to develop.

2026 — Privatisation proposed
Treasure International Holdings proposes acquiring the remaining shares for S$0.050 each through a scheme of arrangement.

Why the IHC Name Still Matters

International Healthway Corporation is best understood not as a vanished healthcare company but as an earlier chapter of OUE Healthcare’s corporate history.

The company that entered Catalist in 2013 went through substantial financial strain, ownership changes, litigation, portfolio restructuring and two major rebrandings. Its operating model also evolved from a healthcare-property-heavy platform into a broader regional healthcare group combining medical operations, investments and healthcare assets.

Now the story may be entering another phase. The August 2026 privatisation proposal could ultimately remove OUE Healthcare from Catalist if the scheme proceeds through the required corporate, shareholder and legal processes.

For anyone researching International Healthway Corporation, therefore, stopping at the 2017 name change gives an incomplete answer. The more accurate corporate chain is:

International Healthway Corporation Limited → OUE Lippo Healthcare Limited → OUE Healthcare Limited.

That sequence connects more than a decade of Singapore corporate filings, healthcare investments, court proceedings and regional expansion under one continuing company registration.

FAQs

What is International Healthway Corporation?

International Healthway Corporation is the former corporate name of OUE Healthcare Limited, a Singapore-headquartered regional healthcare group. IHC was incorporated in Singapore under registration number 201304341E and listed on SGX Catalist in July 2013. It changed its name to OUE Lippo Healthcare in 2017 and later to OUE Healthcare in 2023.

Does International Healthway Corporation still exist?

International Healthway Corporation no longer operates under that name, but the corporate entity continues as OUE Healthcare Limited. The identical Singapore registration number, 201304341E, appears in historical IHC documents and current OUE Healthcare corporate records, establishing the continuity between the names.

Why did International Healthway Corporation become OUE Lippo Healthcare?

The 2017 name change followed OUE’s acquisition of control over IHC. Company documents stated that the OUE Lippo Healthcare identity was intended, among other purposes, to reflect the group’s ties with OUE Limited and the wider OUE and Lippo corporate groups.

What happened to IHC’s healthcare assets?

IHC’s original asset portfolio has been extensively reshaped. The successor company has disposed of certain legacy assets, including 12 Japanese nursing homes transferred to First REIT in 2022, while expanding hospital, specialist-care and healthcare-investment interests across markets including Singapore and China.

Is OUE Healthcare being delisted in 2026?

A delisting has been proposed but should not be described as completed based on the latest cited announcements. Treasure International Holdings proposed a scheme of arrangement on 24 August 2026 at S$0.050 per share, and OUE Healthcare appointed an independent financial adviser on 26 August.

Is Healthway Medical Corporation the same company as International Healthway Corporation?

No. International Healthway Corporation and Healthway Medical Corporation are distinct corporate entities. The connection today is that OUE Healthcare—the successor to IHC—owns approximately 27% of Healthway Medical Corporation, which operates a substantial network of clinics and medical centres in Singapore.

Editorial Disclaimer

This article is based on publicly available corporate filings, SGX announcements, official company materials and Singapore court records available up to 21 September 2026. Historical company values, share prices and financial figures relate to the periods stated and should not be treated as current valuations. The 2026 privatisation remains described as proposed unless and until subsequent official filings confirm completion. This article is informational and does not constitute investment, legal or financial advice.

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