IHH Healthcare is expanding its continuum of care in East Malaysia with the acquisition of Timberland Medical Centre in Kuching, Sarawak. The 82-bed private medical centre is renowned in Borneo for its wide range of medical, surgical and hospital services including cardiology, nephrology, oncology, gastroenterology, general surgery, orthopaedic surgery, hepatology surgery, and urology.
Through its subsidiary Pantai Holdings Sdn Bhd, IHH has entered into a Share Purchase Agreement (“SPA”) with Saravita Holdings Sdn Bhd and nine individual founders for the entire equity interest in Bedrock Healthcare Sdn Bhd (“BHSB”), for a total consideration of RM245 million. BHSB owns Timberland Medical Centre and has earmarked a vacant land in Central Kuching for the construction of a new 200-bed tertiary hospital.
Ashok Pandit, Group Chief Strategy & Business Development Officer of IHH, said, “The acquisition and new development will strengthen IHH’s position as a leading provider of quality and comprehensive care across Malaysia. The two assets will complement our cluster strategy for East Malaysia and bring the total IHH bed capacity in East Malaysia to almost 500 in the future.”
Jean-François Naa, Chief Executive Officer of IHH Healthcare Malaysia, said, “The proposed acquisition will allow IHH to strengthen its position in Sarawak by scaling up Timberland’s operations via a new 200-bed tertiary hospital to be constructed in Central Kuching, with a further investment of approximately RM400 million, to serve the local needs as well as the fast-growing medical tourism market from Indonesia.”
IHH currently operates 16 hospitals across Malaysia, comprising 11 Pantai Hospitals, four Gleneagles Hospitals and Prince Court Medical Centre. The proposed acquisition is subject to regulatory approvals and is expected to be completed by the first half of 2024.
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