IHH Healthcare has completed the acquisition of Island Hospital, a 600-bed facility in Penang, for an equity consideration of approximately RM3.9 billion ($1.2 billion).
According to the group, the acquisition marks a “pivotal step” in the group’s strategic expansion in Malaysia, “reinforcing its commitment to elevating healthcare quality and services nationwide and providing patients in the northern region with greater access to world-class care”.
The group adds that the acquisition also supports the Malaysia government’s vision to establish the country as a “leading hub for medical tourism, attracting international patients seeking cutting-edge treatment and exceptional care”.
Upon completion of the acquisition, IHH Healthcare Q0F currently operates 18 hospitals across Malaysia, including 11 Pantai Hospitals, four Gleneagles Hospitals, Prince Court Medical Centre and Timberland Medical Centre.
Island Hospital is currently the largest private hospital in Penang, which offers various medical services across nine Centres of Excellence and is supported by approximately 120 specialists.
Additionally, the group is also exploring development opportunities within the hospital's valuable landbank, to future-proof its growth in the region and meet rising healthcare demand from both local and international patients, reads the release.
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Ashok Pandit, group chief corporate officer of IHH Healthcare, says: “This acquisition underscores our commitment as a Group to elevating care and outcomes across our global network, while creating sustainable value for stakeholders through strategic, accretive investments. Together with the talented team at Island Hospital, we will draw on our deep expertise and experience to deliver even better patient experience and clinical quality for more patients.”
Jean-François Naa, CEO of IHH Healthcare Malaysia, adds: “Our focus remains on providing exceptional care to both local and international patients, while contributing to Malaysia’s growing prominence as a medical tourism hub.”
Shares in IHH Healthcare closed 2 cents higher, or up 0.91%, at $2.23 on Nov 4.
