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IHH Healthcare plans RM3.9 billion cash purchase of Penang’s Island Hospital, expects it to be EPS accretive in 2026

IHH says Island Hospital will add 600 beds and yield potential synergies, given that it will be running 3 hospitals on the island

Megan Cheah

Megan Cheah

Published Wed, Sep 4, 2024 · 05:50 PM — Updated Wed, Sep 4, 2024 · 09:43 PM
    • Dr Prem Nair, group chief executive of IHH Healthcare, says: "With the addition of Island Hospital, you will see more than one in three medical tourists utilising the IHH group of hospitals in Malaysia.”
    • The Peel Wing of Island Hospital, which is set to be IHH Healthcare’s 18th hospital in Malaysia and third in Penang.
    • Dr Prem Nair, group chief executive of IHH Healthcare, says: "With the addition of Island Hospital, you will see more than one in three medical tourists utilising the IHH group of hospitals in Malaysia.” PHOTO: IHH HEALTHCARE
    • The Peel Wing of Island Hospital, which is set to be IHH Healthcare’s 18th hospital in Malaysia and third in Penang. PHOTO: IHH HEALTHCARE

    INTEGRATED healthcare provider IHH Healthcare ’s indirect wholly-owned subsidiary Pantai is proposing to fully acquire Island Hospital in Penang, Malaysia, for RM3.9 billion (S$1.17 billion) in cash, the group announced on Wednesday (Sep 4).

    The deal entails Pantai acquiring the full equity interest in the hospital, comprising 20 million shares, from Comprehensive Care, a company majority controlled by private equity firm Affinity Equity Partners.

    In addition to the 600-bed hospital, Island Hospital comes with vacant land for development valued at RM223.4 million.

    IHH Healthcare

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