Malaysia’s IHH Healthcare to buy Bedrock Healthcare for RM245 million

MALAYSIA’S IHH Healthcare said on Thursday (Aug 10) that its unit Pantai Holdings will acquire hospital operator Bedrock Healthcare in an all cash deal valued at RM245 million (S$72.2 million).

Pantai Holdings entered into a share purchase agreement with Saravita Holdings and nine individual founders to acquire the entire equity interest in Bedrock Healthcare, IHH said in a filing with Bursa Malaysia.

Bedrock operates an 82-bed facility called Timberland Medical Centre in Kuching, Sarawak and has earmarked a vacant land in central Kuching for the construction of a new 200-bed hospital.

IHH said the acquisition will expand its footprint to the state of Sarawak and will also allow it to scale up Timberland’s operations via the new hospital.

The acquisition is expected to be completed in the first half of 2024 and is not expected to have any material effect on IHH’s earnings for fiscal 2023, it said.

Upon completion of the deal, Bedrock and its subsidiaries will be consolidated as subsidiaries of IHH, the company said. REUTERS