IHH Healthcare to acquire Timberland Medical Centre, SarawakAugust 10, 2023
IHH Healthcare (“IHH”) is expanding its continuum of care to East Malaysia
by acquiring Timberland Medical Centre. IHH, through its indirect wholly-owned subsidiary Pantai Holdings Sdn Bhd, today entered a Share Purchase Agreement (“SPA”) with Saravita Holdings Sdn Bhd and nine individual founders for the entire equity interest in Bedrock Healthcare Sdn Bhd (“BHSB”) for a total consideration of RM245 million on a cash free debt free basis, subject to closing adjustments, to be fully satisfied in cash. BHSB via its wholly-owned subsidiaries, owns the key asset Timberland Medical Centre in Kuching, Sarawak and has earmarked a vacant land in central Kuching for the construction of a new 200-bed tertiary hospital. Timberland Medical Centre, which has been operating for almost 30 years, is a 82-bed private medical centre with strong brand recognition across Borneo. It offers a wide range of medical, surgical and hospital services including cardiology, nephrology, oncology, gastroenterology, general surgery, orthopaedic surgery, hepatology surgery, orthopaedic and urology. Ashok Pandit, Group Chief Strategy of IHH, said, “The acquisition and new development will strengthen IHH’s position as a leading provider of quality and comprehensive care across Malaysia. The two assets will complement our cluster strategy for East Malaysia and bring the total IHH bed capacity to almost 500 in the future.” Jean-François Naa, Chief Executive Officer of IHH Healthcare Malaysia, said, “The proposed acquisition will allow IHH to strengthen its position in Sarawak by scaling up Timberland’s operations via a new 200-bed tertiary hospital to be constructed in central Kuching, with a further investment of approximately RM400 million, to serve the local needs as well as the fast-growing medical tourism market from Indonesia.” IHH currently operates 16 hospitals across Malaysia, comprising 11 Pantai Hospitals, four Gleneagles Hospitals and Prince Court Medical Centre. The proposed acquisition is subject to regulatory approvals and satisfaction of conditions precedent in accordance with the SPA and is expected to be completed by 1H 2024. There will be no disruption to operations for its patients amid the transaction. EXPLORE FURTHER
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