International Healthway Corporation play an important role in improving access to medical services, supporting hospitals, and developing facilities that serve communities across different regions. As populations grow and healthcare requirements become more complex, organisations that combine medical services, healthcare investments, and specialised facilities have become increasingly important. International Healthway Corporation is an interesting example of a company that pursued this approach across several Asian markets.
International Healthway Corporation Limited, commonly known as IHC, was a Singapore-based healthcare company established with ambitions to develop and manage healthcare facilities across Asia. Its business activities included hospitals, nursing homes, medical centres, and healthcare-related property investments. The company attracted attention after listing on the Singapore Exchange in 2013 and expanding its presence through acquisitions, partnerships, and regional healthcare projects.
However, the company’s history involves more than expansion. Changes in ownership, corporate restructuring, financial challenges, and a series of name changes eventually transformed International Healthway Corporation into what is now known as OUE Healthcare Limited. Understanding this journey provides a useful perspective on how healthcare businesses develop, adapt, and reorganise as their markets and corporate strategies change.
This article explores International Healthway Corporation’s background, business model, healthcare services, regional operations, major corporate developments, and its position as of November 2026.
What Is International Healthway Corporation?
International Healthway Corporation Limited was a Singapore-incorporated healthcare services and facilities company. It focused on developing, owning, investing in, and managing healthcare-related businesses across different Asian markets. Its original strategy combined medical services with healthcare infrastructure, allowing it to participate in both the operational and property-related sides of the healthcare industry.
Unlike a traditional medical clinic that concentrates mainly on treating patients, IHC pursued a broader business model. Its activities included hospitals, nursing homes, maternity facilities, and other healthcare-related properties. The company aimed to create an integrated network in which medical services and supporting infrastructure could operate together.
International Healthway Corporation became publicly listed on the Catalist board of the Singapore Exchange on 8 July 2013 under the stock code 5WA. Its listing represented an important stage in its development and provided a platform for pursuing regional expansion. At the time, the company presented itself as an integrated healthcare services and facilities provider with ambitions to strengthen its presence across Asia.
The History and Establishment of International Healthway Corporation
International Healthway Corporation’s development reflected growing interest in the Asian healthcare sector. Several countries in the region were experiencing demographic changes, increasing demand for specialised medical treatment, and greater interest in organised elderly care. These trends created opportunities for companies capable of developing healthcare infrastructure and delivering services across different markets.
The company sought to benefit from these opportunities by combining healthcare operations with investment in medical facilities. Its early activities included interests in hospitals and nursing homes, particularly in China and Japan. It also explored development projects in other Asian markets, including Malaysia, where healthcare-related mixed-use developments formed part of its expansion strategy.
The company’s public listing in 2013 marked a significant milestone. According to the Singapore Exchange announcement, IHC entered the Catalist market with a portfolio of medical real estate, healthcare-related assets, and integrated developments in China, Japan, and Malaysia. Its leadership presented the listing as the beginning of a broader regional expansion strategy.
Understanding International Healthway Corporation’s Business Model
One of the defining characteristics of International Healthway Corporation was its combination of healthcare services and property investments. This approach allowed the company to participate in different parts of the healthcare value chain rather than depending exclusively on revenue from medical consultations or hospital treatment.
The healthcare operations side involved facilities such as hospitals, nursing homes, and other medical establishments. These facilities supported different patient requirements, including general medical treatment, specialist services, elderly care, and recovery following hospitalisation. The company also explored opportunities involving women and children’s healthcare, reflecting the demand for specialised medical facilities.
The property investment side provided another dimension to the business. Healthcare buildings require suitable locations, specialised infrastructure, regulatory approvals, and long-term capital investment. By participating in healthcare property ownership and development, IHC aimed to establish an asset base that could support medical operations and generate property-related income. However, this model also involved substantial financial commitments, development risks, and the need for effective operational management.
Main Healthcare Services Associated With International Healthway Corporation
International Healthway Corporation was associated with several healthcare categories, reflecting its intention to build a diversified portfolio. One important area was hospital services. Hospitals provide facilities for diagnosis, treatment, specialist consultations, surgical procedures, and patient recovery. IHC’s historical business interests included hospital operations and development projects in China.
Elderly care was another important component of its original business model. Nursing homes and residential care facilities support people who require assistance with everyday activities, ongoing supervision, or specialised care. Japan was particularly relevant to this part of the company’s portfolio because of the country’s ageing population and established demand for organised senior-care services.
The company also explored women and children’s healthcare through specialised hospital projects. These facilities can include obstetrics, gynaecology, maternity services, paediatric treatment, and postnatal support. The focus on different patient groups demonstrated the company’s interest in developing healthcare facilities around specific medical requirements rather than concentrating entirely on general hospital services.
International Healthway Corporation’s Expansion Across Asia
Regional expansion was central to International Healthway Corporation’s original strategy. The company recognised that healthcare demand differed across Asian markets, creating opportunities for different types of facilities and medical services. Its activities and development plans involved countries such as China, Japan, and Malaysia.
China represented an important part of the company’s healthcare operations. Its interests included hospital-related activities in Wuxi, Jiangsu Province, and development plans involving additional medical facilities. These projects reflected an attempt to participate in China’s growing healthcare market through hospital operations and partnerships.
Japan was another significant market, particularly for elderly care. IHC’s historical portfolio included nursing homes that supported the country’s demand for residential care services. Malaysia also featured in the company’s development strategy through proposed integrated healthcare and mixed-use projects. These markets provided different opportunities, although operating across multiple countries also introduced regulatory, financial, and management challenges.
The Acquisition of Healthway Medical Corporation
One of the major developments in International Healthway Corporation’s history was its proposed acquisition of Healthway Medical Corporation in 2015. The transaction represented an important attempt to expand its healthcare services business and strengthen its presence in Singapore.
Healthway Medical Corporation operated a network of medical clinics and specialist practices. Its activities included managed healthcare, medical services, consultancy, and wellness-related services. The group had an established presence in Singapore, making it a potentially valuable addition to IHC’s broader healthcare portfolio.
In June 2015, International Healthway Corporation announced a proposed all-share acquisition valued at approximately S$231 million. Under the proposed arrangement, Healthway shareholders were to receive new IHC shares in exchange for their existing holdings. The transaction demonstrated the company’s intention to combine its healthcare facilities business with a larger outpatient medical services network.
Corporate Challenges and Changes in Ownership
Although International Healthway Corporation initially pursued an ambitious expansion strategy, its corporate history also involved financial and governance challenges. The company faced disputes involving financing arrangements and the appointment of receivers over shares in certain subsidiaries. These developments attracted attention because they affected important parts of its corporate structure and investment activities.
In August 2016, The Straits Times reported that IHC was resisting attempts by receivers to remove directors from certain subsidiaries. The dispute involved financing arrangements with investment funds and allegations concerning outstanding debts, which the company contested. The matter highlighted the financial and governance complexities that can arise when healthcare groups rely on significant external financing to support regional expansion.
A major ownership transition followed in 2017 when OUE Limited moved to acquire control of International Healthway Corporation. The change brought IHC into the wider OUE corporate group and created the foundation for a new phase in its development. This transition also marked the beginning of a series of corporate identity changes that eventually produced the OUE Healthcare name.
Why Did International Healthway Corporation Change Its Name?
International Healthway Corporation changed its corporate identity following OUE Limited’s acquisition of control. OUE was an established Singapore-listed property group with interests in commercial, hospitality, retail, and residential real estate. Its entry into the healthcare sector represented an expansion into a business area that complemented its existing property expertise.
On 9 October 2017, shareholders approved the company’s proposed name change to OUE Lippo Healthcare Limited. The decision reflected its new ownership structure and its position within the wider OUE and Lippo business environment. It also marked the end of the International Healthway Corporation name as the company’s primary corporate identity. <Cite refs={[“turn712956search3″,”turn712956search11”]}/>
In 2023, the company underwent another name change, becoming OUE Healthcare Limited. The updated name provided a simpler corporate identity while maintaining its focus on healthcare businesses and investments across Asia. Importantly, these changes did not mean that an entirely new legal company had been created each time. The Singapore registration number, 201304341E, remains associated with the continuing corporate entity
What Is OUE Healthcare Limited Today?
OUE Healthcare Limited is the current corporate identity of the former International Healthway Corporation. It is a Singapore-headquartered regional healthcare group that owns, operates, and invests in healthcare businesses across several Asian markets. Its corporate profile identifies operations and investments in Singapore, China, Myanmar, Indonesia, and Japan.
The company’s current strategy places considerable importance on partnerships, operational development, and a more asset-light approach to expansion. Instead of relying entirely on direct ownership of every healthcare facility, the group can work with medical specialists, local partners, and established healthcare operators to develop its regional business network.
Its present portfolio includes interests in hospitals, specialist medical practices, healthcare facilities, and healthcare-related real estate investments. The business has therefore evolved considerably from the original IHC structure, although its wider objective of participating in Asia’s healthcare industry remains an important part of its identity.
OUE Healthcare’s Operations in Singapore
Singapore remains an important part of OUE Healthcare’s business strategy. The country has an established healthcare system, a developed medical infrastructure sector, and a strong reputation for specialist medical services. These characteristics make it an important location for healthcare partnerships and regional business development.
One of the company’s interests in Singapore is O2 Healthcare Group, which focuses on respiratory care and cardiothoracic services. The group was developed through a partnership involving medical specialist practices. OUE Healthcare’s corporate profile states that it holds a 60% stake in the joint venture company, which in turn holds a 60% stake in O2 Healthcare Group.
The company’s Singapore interests also include a shareholding of approximately 27% in Healthway Medical Corporation, which operates a network of more than 130 clinics. In addition, OUE Healthcare has an interest in Rehab Matters through O2 Healthcare Group. The rehabilitation provider specialises in medically directed fitness and cardiopulmonary rehabilitation, extending the group’s involvement beyond conventional outpatient consultations.
OUE Healthcare’s Hospital Operations in China
China has remained an important market for the company’s healthcare activities. Its operations include Wuxi Lippo Xi Nan Hospital in Jiangsu Province, which provides general hospital services. The company’s involvement in China demonstrates its continued interest in developing medical facilities through direct operations and joint ventures.
Another important project is Changshu China Merchants-Lippo Obstetrics and Gynaecology Hospital. This hospital was commissioned in May 2023 through the company’s 50:50 joint venture with China Merchants. It focuses on obstetrics, gynaecology, and paediatric healthcare, offering specialised services for women, mothers, and children.
A further development is Shenzhen China Merchants-Lippo Prince Bay Hospital in Shekou, Shenzhen. The project represents a significant addition to the group’s healthcare portfolio and reflects its interest in developing larger specialist medical facilities through partnerships. In August 2026, OUE Healthcare announced the official opening of this flagship joint-venture hospital, marking another important milestone in its China operations.
OUE Healthcare’s Presence in Myanmar and Other Asian Markets
Myanmar is another market in which the company has established healthcare interests. OUE Healthcare holds a 40% stake in joint venture companies associated with Pun Hlaing Hospitals. These facilities form part of its wider regional healthcare portfolio and demonstrate the role of partnerships in its expansion strategy.
The company also identifies Indonesia and Japan among its markets. Its regional presence is important because healthcare demand, patient expectations, regulations, and medical infrastructure requirements differ significantly between countries. A healthcare business operating across several markets must therefore adapt its services and management approach to local conditions.
Expanding internationally also creates challenges. Healthcare providers must work within national licensing requirements, medical standards, employment regulations, and local partnership arrangements. For a group such as OUE Healthcare, maintaining appropriate clinical governance and operational oversight is essential when developing a network across different jurisdictions.
The Relationship Between OUE Healthcare and First REIT
An important part of the company’s wider business structure is its relationship with First Real Estate Investment Trust, commonly known as First REIT. First REIT is Singapore’s first listed healthcare real estate investment trust and focuses on healthcare-related property assets.
OUE Healthcare acts as First REIT’s sponsor and largest unitholder. According to its corporate profile, the company directly owns approximately 32% of First REIT and also holds a 40% interest in the trust’s manager. This relationship connects healthcare operations with healthcare property investment.
The arrangement is relevant because hospitals and nursing homes require long-term property infrastructure. Healthcare real estate investment trusts can provide a structure for owning and managing such assets while healthcare operators focus on delivering medical and care services. However, the financial performance of an investment trust depends on factors such as rental income, property values, financing costs, tenant stability, and market conditions.
International Healthway Corporation and Its Latest Corporate Developments in 2026
The most significant recent development concerns the proposed privatisation of OUE Healthcare Limited. On 24 August 2026, Treasure International Holdings Pte. Ltd. announced a proposal to acquire all issued ordinary shares in OUE Healthcare that it did not already hold, through a scheme of arrangement. The proposed consideration was S$0.050 per share.
The proposal represented an important potential change in the company’s ownership and stock-market status. A scheme of arrangement is a legal process that can be used to implement an acquisition, subject to the relevant shareholder approval, court requirements, and other conditions. It is different from a simple change in a company’s name or an ordinary market purchase of shares.
On 2 November 2026, OUE Healthcare announced that shareholders had approved the proposed scheme at a scheme meeting. The results showed that 61.90% of participating shareholders voted in favour by number, while 89.40% of the shares represented at the meeting voted in favour by value. However, shareholder approval did not by itself complete the transaction. The company stated that court sanction and satisfaction or waiver of the remaining scheme conditions were still required. The indicative timetable published at the meeting anticipated an effective date around 10 December 2026 and a proposed delisting around 23 December 2026, subject to the required approvals
What Makes International Healthway Corporation’s Business History Interesting?
International Healthway Corporation’s development offers a useful example of how healthcare businesses can evolve over time. Its original strategy involved combining healthcare facilities, medical services, and property investments across multiple Asian markets. This was an ambitious approach that required significant financial resources, local partnerships, and long-term operational planning.
The company also illustrates the importance of corporate governance and financing in the healthcare industry. Building hospitals and nursing homes is capital-intensive, and regional expansion can introduce complex legal and financial arrangements. The disputes and ownership changes in IHC’s history show why investors and business partners need to pay attention to more than a company’s expansion announcements.
Perhaps the most interesting part of its history is the continuity between its different corporate identities. International Healthway Corporation became OUE Lippo Healthcare and later OUE Healthcare, but the business continued under the same Singapore registration number. Its journey demonstrates how acquisitions, restructuring, and strategic changes can reshape a company’s direction without necessarily creating an entirely new legal entity.
(FAQs)
What is International Healthway Corporation?
International Healthway Corporation Limited was a Singapore-based healthcare services and facilities company. It focused on hospitals, nursing homes, medical centres, healthcare investments, and related property development across Asia.
It was listed on the Singapore Exchange’s Catalist board in July 2013.
Does International Healthway Corporation still exist?
The company no longer operates under the International Healthway Corporation name. It changed its name to OUE Lippo Healthcare Limited in 2017 and later became OUE Healthcare Limited in 2023.
The continuing Singapore corporate registration number is 201304341E.
Who owns International Healthway Corporation today?
The former International Healthway Corporation is now OUE Healthcare Limited, a subsidiary of OUE Limited. In August 2026, Treasure International Holdings proposed acquiring the remaining shares through a privatisation scheme.
Shareholders approved the scheme on 2 November 2026, although the remaining legal and transaction conditions still needed to be satisfied as of 8 November 2026.
What healthcare services was International Healthway Corporation involved in?
Its historical business activities included hospital operations, elderly care, nursing homes, maternity facilities, and healthcare-related property investments.
The company’s broader strategy also included primary healthcare, specialist medical services, and healthcare infrastructure development.
Which countries were part of International Healthway Corporation’s operations?
Its historical business activities and investments involved Singapore, China, Japan, and Malaysia, among other markets.
Under its current OUE Healthcare identity, the company identifies Singapore, China, Myanmar, Indonesia, and Japan among its markets.
What happened to Healthway Medical Corporation?
Healthway Medical Corporation became an important part of the group’s healthcare strategy following a proposed acquisition announced in 2015.
OUE Healthcare’s current corporate profile states that it owns approximately 27% of Healthway Medical Corporation, which operates more than 130 clinics in Singapore.
Is OUE Healthcare still listed on the Singapore Exchange?
As of 8 November 2026, the proposed privatisation had received shareholder approval, but the transaction had not yet become effective according to the latest scheme-meeting announcement.
The company remained subject to the court-sanction process and other scheme conditions. The proposed delisting date was around 23 December 2026, subject to the necessary approvals.
What is the relationship between OUE Healthcare and First REIT?
OUE Healthcare is the sponsor and largest unitholder of First REIT, a Singapore-listed healthcare real estate investment trust.
It directly owns approximately 32% of the trust and holds a 40% interest in its manager, according to its corporate profile.
Final Thoughts
International Healthway Corporation has an interesting corporate history that reflects the opportunities and challenges of developing a regional healthcare business. Its original ambition was to combine medical services, healthcare facilities, and property investments across Asia. Through acquisitions, partnerships, and expansion projects, it built a portfolio that extended beyond traditional hospital operations.
The company’s transformation into OUE Lippo Healthcare and subsequently OUE Healthcare demonstrates how ownership changes and corporate restructuring can influence a business’s identity and strategic direction. Today, the group has interests in hospitals, specialist medical practices, rehabilitation services, healthcare facilities, and healthcare-related property investments.
Its proposed privatisation in 2026 represents another significant chapter in that journey. Although shareholders approved the scheme on 2 November 2026, the remaining court and transaction requirements were still relevant at the time of writing.
Ultimately, understanding International Healthway Corporation means looking at both its historical development and its current corporate successor. Its journey provides valuable insight into healthcare investment, regional expansion, corporate governance, and the changing structure of healthcare businesses across Asia.
