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IHH unit sets up JV healthcare firm in China
HEALTHCARE provider IHH Healthcare Berhad announced on Tuesday that its indirect wholly owned subsidiary M&P Investments Pte Ltd has received a business licence from China's Chengdu Administration of Industry & Commerce.
The licence, valid from Dec 12, 2016, to Dec 12, 2036, is for the establishment of a Sino-foreign equity company called ParkwayHealth Chengdu Hospital Company Ltd.
ParkwayHealth Chengdu will provide specialised care and services such as obstetrics and gynaecology, paediatrics and orthopaedics.
M&P will own 70 per cent of ParkwayHealth Chengdu, while the remaining 30 per cent will be held by Chinese investment company Shanghai Broad Ocean Investments Co Ltd. M&P contributed a cash subscription of 210 million yuan (S$43.4 million) and Broad Ocean contributed a cash subscription of 90 million yuan (S$18.6 million).
IHH's announcement said that this is pursuant to a joint venture agreement entered into by M&P and Broad Ocean in August.