Ameetaz Capital’s lower reported equity has no impact on ratings

Published on 03 Sep 2026.

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Ameetaz Capital Sdn Bhd’s (Ameetaz Capital or the Group, rated AA₃/Stable/P1) audited FY Dec 2025 financial statements reflected materially lower assets and equity than those previously considered in RAM’s assessment. This follows the Group’s adoption of merger accounting to reflect its March 2025 corporate reorganisation, in accordance with its auditor’s advice. Merger accounting does not recognise goodwill arising from the reorganisation, which had been used by RAM in its assessment earlier. Consequently, this resulted in financial thresholds that are no longer directly comparable with those previously assessed and presented in RAM’s credit rationale.

Under the merger accounting basis, the Group’s reported gearing ratio was 3.80 times against the estimated 0.89 times in RAM’s May 2026 annual review. In our view, the revised accounting method does not, in itself, alter the Group’s financial risk profile or debt-servicing capacity. Importantly, the Group’s absolute debt, revenue, earnings and cashflow generation for FY Dec 2025 were broadly in line with our expectations.

The timely execution of the Group's merger and acquisition strategy remains critical to our assessment of financial performance and credit metrics. As highlighted in our review, delays in meaningful acquisitions and/or improving operating underperformance in 2026 could exert negative pressure on the ratings. RAM will continue to monitor the Group’s performance and ratings on these bases as further information becomes available. The Group’s ratings and the associated issue ratings (Table 1) were last affirmed on 8 May 2026.

Through its operating subsidiary, Qualitas Medical Limited, Ameetaz Capital owns and operates one of the largest networks of primary care, specialist and allied health service centres across Australia, Singapore and Malaysia. As of end-2025, the Group’s network comprised 127 healthcare outlets in Malaysia, 53 in Australia and 29 in Singapore, along with another 156 affiliate and associate clinics in Malaysia.

 

Analytical contacts
Chuan Shyang Lin
(603) 2708 8209
shyanglin@ram.com.my

Ben Inn    
(603) 2708 8290
ben@ram.com.my

Thong Mun Wai
(603) 2708 8255
munwai@ram.com.my

Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my

 

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