In a filing to Bursa, IHH Healthcare has announced that Pantai Holdings Sdn Bhd, an indirect wholly-owned subsidiary of the Company, had entered into a share purchase agreement with Saravita Holdings Sdn Bhd and 9 individual founders to acquire the entire equity interest in Bedrock Healthcare Sdn Bhd for a total consideration of RM245 million.
BHSB is an investment holding company. BHSB, through its wholly-owned subsidiaries, operates an 82-bed hospital, namely Timberland Medical Centre in Kuching, Sarawak, and has earmarked vacant land in central Kuching for the construction of a 200-bed hospital. The acquisition will now expand IHH’s footprint to the State of Sarawak and also allow the group to scale up Timberland’s operations via the New Hospital.
IHH said the acquisition is expected to be completed by the first half of 2024, subject to regulatory approvals and satisfaction of conditions precedent in accordance with the SPA. Upon completion of the Acquisition, BHSB and its subsidiaries will be consolidated as subsidiaries of IHH.
The Acquisition is not expected to have any effect on IHH’s issued share capital and substantial shareholders’ shareholdings. The Acquisition is also not expected to have material effect on the earnings, net assets or gearing of IHH for the financial year ending 31 December 2023.
