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Singapore PE firm Kendall Court investing US$55m in Indonesia company's hospital expansion
[SINGAPORE] Singapore-based private equity firm Kendall Court announced a US$55 million investment in an Indonesian company, which is expanding and building a 420-bed hospital in Jakarta to tap the country's fast-growing healthcare services sector.
Kendall Court will own a majority stake in Indonesia's Mandaya Medical International Pte Ltd (MMI) through the investment in the firm's preference shares, the companies said in a joint statement on Friday.
MMI is part of the Selaras Group conglomerate which is focused on hospitality, healthcare and property.
"Mandaya Medical International will serve the rising demands of the local middle-class community for quality healthcare by building a network of hospitals focused on cardio-vascular, neuroscience and cancer specialties," MMI director Benedictus Widaja said in the statement.
MMI's 70,000 square metre general hospital will start operations at the end of 2019.