KUALA LUMPUR — March 22, 2018: Khazanah Nasional is buying a 100 per cent of Prince Court Medical Centre (PCMC) here from Petronas).
The deal will be done via Khazanah’s wholly-owned subsidiary Pulau Memutik Ventures Sdn. Bhd. (PMV) with Petronas unit, Petronas Hartabina Sdn. Bhd.
Under the terms of the agreement, Khazanah will buy PCMC at an agreed price comparable to market assessment, payable on completion of the transaction, which is expected by the end of the second quarter of this year, said a Khazanah statement.
“We are delighted with this rare opportunity to acquire PCMC.
“We invested in Pantai Holdings back in 2006 and transformed this platform into what is now known as IHH Healthcare Berhad, the largest emerging markets listed hospitals operator with over 10,000 beds in 10 countries,” said Khazanah Managing Director Tan Sri Azman Mokhtar.
Khazanah, through PMV, owns 40.91 per cent of IHH Healthcare.
Azman said Khazanah aimed to elevate PCMC into a leading hospital that delivered world-class healthcare for medical tourists.
In tandem with the signing of the SPA, Khazanah also entered into a term sheet for a collaboration agreement with IHH Healthcare for shared services support and operational improvement initiatives at PCMC.
IHH Healthcare will be given a right of first offer to acquire PCMC during a pre-agreed period.
In another statement, Petronas President and Group Chief Executive Officer Tan Sri Wan Zulkiflee Wan Ariffin said the national oil firm believed PCMC was ready for its next phase of growth and the transaction would position the hospital to realise its aspiration to become the leading healthcare provider in Asia. — Bernama