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IHH Healthcare completes acquisition of Prince Court Medical Centre for RM1.02b
HOSPITAL operator IHH Healthcare has completed its purchase of Prince Court Medical Centre for RM1.02 billion (S$330 million), almost a year after it first announced the proposed acquisition last September.
This is the group's 16th hospital in Malaysia, where it already operates four Gleneagles hospitals and 11 Pantai hospitals, IHH announced on Tuesday.
Prince Court Medical Centre is a 277 single-bed private healthcare facility located in Kuala Lumpur.
The seller is a wholly-owned subsidiary of Malaysian sovereign wealth fund Khazanah Nasional.
The deal is deemed a related party transaction as Khazanah is a major shareholder of IHH, with a 26.04 per cent indirect interest in IHH as at Aug 23, 2019.
Said Jean-Francois Naa, IHH's chief executive officer of its Malaysia operations division: "Prince Court Medical Centre will complement IHH's cluster strategy of having specialised tertiary hospitals in Kuala Lumpur. There are currently three Pantai Hospitals and one Gleneagles Hospital serving the needs of the community in the city.
"We can effectively leverage our combined clinical excellence and expertise to deliver optimised, comprehensive care to both our local and foreign patients."
Mr Naa added that clinical services at Prince Court Medical Centre will run as usual and patients can continue with their existing care at the hospital.
IHH also said it will look into investing in Prince Court Medical Centre to "enhance the patient experience".
Within Malaysia, IHH has more than 2,900 licensed beds, over 11,000 staff and over 1,000 resident and sessional consultants.
Globally, the group employs over 55,000 people and operates over 15,000 licensed beds across 77 hospitals in 10 countries.
As at 11.46am on Wednesday, IHH shares were trading at S$1.73, down S$0.01 or 0.6 per cent.