(Bloomberg) -- HMI Group, a Singapore-based regional health care provider, is exploring selling a minority stake that could value the company at about S$1 billion ($721 million), according to people with knowledge of the matter.

The company, which is backed by Swedish buyout firm EQT AB, is working with a financial adviser on the potential offering of as much as a 30% stake, the people said. HMI Group plans to issue new shares and use the proceeds for expansion and acquisitions, said the people, who asked not to be identified as the process is private.

Deliberations are ongoing and there is no guarantee that the company will go ahead with the transaction, the people said. Representatives for EQT and HMI declined to comment.

Founded in 1998, HMI Group serves about 500,000 patients a year in its two hospitals in Malaysia, an ambulatory medical center and a general practice clinic chain in Singapore, according to EQT’s website. It acquired a majority stake in Eagle Eye Center Pte in Singapore this year.

HMI Group, previously known as Health Management International Ltd., went public in Singapore in 1999. In 2019, EQT took it private in a S$611 million deal.

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