Pantai Holdings, an indirect wholly-owned company of IHH Healthcare Holdings Q0F , has acquired the entire equity interest in Bedrock Healthcare Sdn Bhd for RM245 million ($72.4 million).
Pantai Holdings, on Aug 10, entered into a share purchase agreement (SPA) with Saravita Holdings Sdn Bhd and nine individual founders to acquire the latter. The consideration, which will be paid fully in cash, was made on a cash-free, debt-free basis.
Bedrock Healthcare is an investment holding company. Through its wholly-owned subsidiaries, the company operates an 82-bed hospital named Timberland Medical Centre in Kuching, Sarawak. It has also earmarked a vacant piece of land in central Kuching for the construction of a 200-bed hospital. The acquisition will expand IHH’s footprint in Sarawak. It will also allow the group to scale up its operations for Timberland through the new hospital.
The acquisition is expected to be completed by the first half of 2024. It is not expected to have any effect on IHH’s issued share capital and substantial shareholders’ shareholdings. It will not have any material effect on IHH’s earnings for the FY2023 ending Dec 31, as well.
Shares in IHH closed flat at $1.75 on Aug 10.
