Sunway Berhad through its wholly owned subsidiary, Sunway Holdings Sdn Bhd, has entered into a sales and purchase agreement (“SPA”) on May 21 with the owners of Multicare Pharmacy (“Multicare”), one of the top five pharmaceutical retail players in the market, for a majority stake in Multicare Health Pharmacy Sdn Bhd.
The purchase consideration is subject to the completion of certain conditions. The acquisition is to be undertaken progressively over three tranches where the acquisition of Multicare is expected to be completed in 2026.
Sunway entered the retail pharmacy market in 2016 with the establishment of Sunway Pharmacy, which currently has 12 retail outlets in the Klang Valley and one in Johor.
With the proposed acquisition of Multicare’s 76 pharmacy branches across six states in Peninsular Malaysia as at May 2021, the combined group is set to become one of the leading market players in the country.
Sunway Group President Tan Sri Dato’ Chew Chee Kin said, “With the acquisition, we are able to leverage on the combined expertise of Multicare’s operational and pharmaceutical expertise and Sunway’s comprehensive information technology digitalisation platform. We are confident that the enlarged pharmaceutical group will be one of the fastest growing retail pharmacy chain and most successful market leader in Malaysia.”
“With the current pandemic, there is an increasing focus on importance of primary health services such as retail pharmacies in serving the health needs of the community. This acquisition will allow Sunway to provide enhanced pharmacy and related services to consumers across the nation,” he added.
Multicare Group Chief Executive Officer and Founder Mr Lang said, “After two decades of serving the community, we are excited to enter a new chapter with Sunway as our partner. In line with our motto We Care We Serve, our partnership will be able to provide better value, better services to our customers and also to accelerate our growth to reach greater heights. We foresee strong synergies leveraging the consumer trust built over decades by both Sunway and Multicare Group.”