SINGAPORE, June 20 — Qualitas Medical Group, a Malaysian health-care provider, plans to seek about RM1 billion (US$310 million) from an initial public offering in Kuala Lumpur, according to people familiar with the matter.

CIMB Group Holdings Bhd and Credit Suisse Group AG were working on the share sale, the people said, asking not to be identified as the process was private. The company might pursue a listing as early as the fourth quarter, one of the people said.

Proceeds will help Qualitas expand in the Asia-Pacific region’s health-care market, which is projected to grow an average 13 per cent annually to reach US$752 billion by 2018, according to researcher Frost & Sullivan.

Malaysian IPOs have raised US$869 million this year, up from US$569 million during the same period in 2013, data compiled by Bloomberg show.

Qualitas, led by managing director Noorul Ameen, operates more than 250 clinics and medical centres, according to its website. It has locations in Malaysia, India, Singapore, New Zealand and Australia, the website shows.

The company listed on the Singapore exchange’s Catalist board in 2008. A group of investors led by Southern Capital Group Pte took the company private for US$36 million in 2011 following low trading volumes, data compiled by Bloomberg show.

Qualitas executive director Karim Dhala declined to comment in an emailed response to questions. A representative for Southern Capital Group did not immediately reply to an email seeking comment. — Bloomberg