KUALA LUMPUR (March 1): KPJ Healthcare Bhd has entered into a share sale agreement with PT Nusautama Medicalindo via three subsidiaries for the proposed disposal of its Indonesian hospital operations and facilities involving KPJ Medica for a total consideration based on an enterprise value of RM150.2 million.

The subsidiaries are Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB), Crossborder Aim (M) Sdn Bhd (CAMSB) and Crossborder Hall (M) Sdn Bhd (CHMSB).

In a filing with Bursa Malaysia on Wednesday, KPJ said the proposed disposal involves a 75% stake in KPJ Medica by KPJSB, and a 100% stake in Al-Aqar Bumi Serpong Damai by CAMSB and CHMSB to PT Nusautama Medicalindo at a provisional purchase price of Indonesian Rupiah equivalent to RM13.66 million, subject to adjustment based on closing cash, closing debt and closing working capital.

Meanwhile, KPJ said the proposed disposal is part of its hospital operations restructuring in Indonesia necessitated by a challenging business environment, licensing and regulatory requirements imposed on foreign operators like KPJ.

“The proposed disposal marks KPJ’s exit from operating specialist hospitals in Indonesia to enable KPJ to realign its strategies and focus on managing specialist healthcare facilities in Malaysia,” it said.