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IHH Healthcare to acquire Malaysian hospital for 1.02B ringgit

IHH Healthcare Bhd. signed a conditional agreement to acquire Prince Court Medical Centre Sdn. Bhd. from Malaysia's sovereign wealth fund Khazanah Nasional Bhd. for 1.02 billion Malaysian ringgit in cash.

Kuala Lumpur, Malaysia-based Prince Court operates a private healthcare facility offering a range of medical, surgical and hospital services.

IHH's wholly owned subsidiary Pantai Holdings Sdn. Bhd. entered into a conditional share purchase agreement with Pulau Memutik Ventures Sdn. Bhd., a unit of Khazanah, to acquire 100 million ordinary shares and 35,176 redeemable preference shares of Prince Court, representing the entire issued share capital.

Malaysian healthcare facilities provider IHH said in a Sept. 17 press release that the proposed acquisition will broaden its service offerings.

IHH expects the proposed transaction to be completed in the first quarter of 2020, subject to regulatory approvals.

Khazanah owns about 26.04% stake in IHH, according to data from S&P Global Market Intelligence.

As of Sept. 16, US$1 was equivalent to 4.17 Malaysian Ringgit.