KUALA LUMPUR (March 8): IHH Healthcare Bhd has completed the acquisition of the entire equity interest in Bedrock Healthcare Sdn Bhd, the owner of Timberland Medical Centre (TMC) in Kuching, Sarawak, for RM245 million on a cash-free debt-free basis.
This acquisition was made through IHH's indirect wholly owned subsidiary Pantai Holdings Sdn Bhd, which entered into a share purchase agreement with Saravita Holdings Sdn Bhd and nine individual founders, securing the complete equity interest in Bedrock Healthcare.
The acquisition, initially announced last August, aims to bolster IHH's range of high-quality healthcare services in East Malaysia by leveraging TMC, an esteemed 82-bed private medical centre in Kuching with almost three decades of operation and widespread brand recognition across Borneo.
In a statement on Friday, IHH Healthcare Malaysia chief executive officer Jean-François Naa expressed that with the completion of the TMC acquisition, IHH is now focusing on future plans. This includes the expansion of TMC's operations through the establishment of a new 200-bed tertiary hospital in central Kuching, addressing local needs, and tapping into the growing medical tourism market from Indonesia.
"Our geographical proximity to Indonesia makes us an ideal healthcare destination, with direct and affordable flights available between our countries,” Naa added.
TMC presently offers a comprehensive range of medical and surgical services, encompassing cardiology, nephrology, oncology, gastroenterology, general surgery, orthopaedic surgery, hepatology surgery, orthopaedic, and urology.
With the successful acquisition of TMC, IHH has solidified its standing as one of Malaysia's premier private healthcare providers, boasting an extensive network comprising 11 Pantai Hospitals, four Gleneagles Hospitals, and Prince Court Medical Centre.
At 12.15pm, shares in IHH traded three sen or 0.5% higher at RM6.03, valuing the group at RM53.11 billion.