IHH Healthcare Bhd’s indirect wholly-owned subsidiary, Pantai Holdings Sdn Bhd, will acquire the entire equity interest in Bedrock Healthcare Sdn Bhd for RM245 million cash.
Pantai Holdings today inked a share purchase agreement (SPA) with Saravita Holdings Sdn Bhd and nine individual founders today, IHH Healthcare said in a filing with Bursa Malaysia.
Bedrock Healthcare, through its wholly-owned subsidiaries, operates an 82-bed hospital, namely Timberland Medical Centre in Kuching, Sarawak, and has earmarked vacant land in central Kuching for the construction of a new 200-bed hospital.
“The acquisition will expand IHH’s footprint to Sarawak and will also allow IHH to scale up Timberland’s operations via the new hospital,” it said.
The acquisition is expected to be completed by the first half of 2024.
Upon completion of the acquisition, Bedrock Healthcare and its subsidiaries will be consolidated as subsidiaries of IHH.
In a separate statement, IHH Healthcare Malaysia chief executive officer Jean-François Naa said the acquisition will allow IHH to strengthen its position in Sarawak by scaling up Timberland’s operations via a new hospital to be constructed in central Kuching with a further investment of about RM400 million.
This would serve local needs as well as the fast-growing medical tourism business from Indonesia.
IHH currently operates 16 hospitals across Malaysia, comprising 11 Pantai hospitals, four Gleneagles hospitals, and the Prince Court Medical Centre. — Bernama