KUALA LUMPUR, Dec 9 — IHH Healthcare Bhd is expected to complete the acquisition of Prince Court Medical Centre in the first quarter next year on near unanimous shareholder support.
The government-linked health care provider announced that an extraordinary general meeting today, more than 99.99 per cent of non-interested IHH shareholders and proxies voted in favour of the conditional share purchase agreement between IHH’s wholly-owned subsidiary, Pantai Holdings Sdn Bhd, and Pulau Memutik Ventures Sdn Bhd, a wholly-owned subsidiary of Khazanah Nasional Berhad, for the acquisition of the entire issued share capital of Prince Court Medical Centre, for RM1.02 billion cash.
“This moves the Group closer to strengthening its market position in Malaysia and allowing it to better serve patient needs in the country,” IHH said in a statement.
Once the transaction is completed, Prince Court Medical Centre will become IHH’s 16th hospital in Malaysia. IHH currently runs Pantai and Gleneagles Hospitals in Malaysia.
Strategically located in the “Golden Triangle” area of Kuala Lumpur, Malaysia, Prince Court Medical Centre is a 277-bed private hospital offering a wide range of services including, among others, burns management, cancer, gastrointestinal diseases, interventional cardiology, in vitro fertilisation, nephrology, occupational health, orthopaedic and rehabilitation medicine.
“Adding Prince Court Medical Centre will empower us to bring our best-in-class care and outcomes to even more patients in Malaysia and abroad. With a broader network and stronger cluster of specialised tertiary hospitals in the Klang Valley, supported by a deeper clinical talent pool, IHH can offer a wider array of services and take on more complex cases.
“This will make our facilities even more compelling for both local and foreign patients, and further reinforces Malaysia’s attractiveness as a medical travel destination,” said Joe Sim, CEO of Malaysia Operations Division at IHH.
Prince Court Medical Centre medical director Dr Kuljit Singh said: “As part of the IHH Group, Prince Court Medical Centre can leverage on its scale and track record to unlock greater synergies and enhance our suite of service offerings and delivery of value-based care.”