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IHH Healthcare Bhd is divesting a 29.9 per cent equity stake in the holding entity for its China portfolio to China's Taikang Insurance Group Inc for 1.1 billion yuan (S$227.8 million).
IHH said its subsidiary, Parkway Group Healthcare, has entered into a share purchase and subscription agreement with TK Healthcare Investment, an indirect subsidiary of Taikang Insurance, for the stake divestment in PCH Holding Pte Ltd.
The proceeds from the divestment will be mainly deployed as growth and working capital for PCH.
PCH is the holding entity for IHH's portfolio of primary care clinics and greenfield hospital projects in China.
IHH said the partnership will place the group on a stronger growth path in China.