Khazanah Nasional Berhad (“Khazanah”) today announced that it has signed a Share Sale and Purchase Agreement (“SPA”), via its wholly owned subsidiary Pulau Memutik Ventures Sdn. Bhd., for the acquisition of 100% interest in Prince Court Medical Centre (“PCMC”) from Petroliam Nasional Berhad (“PETRONAS”) (via its wholly owned subsidiary PETRONAS Hartabina Sdn. Bhd.).
This strategic acquisition marks another milestone for Khazanah in its mission to build up the healthcare services sector in Malaysia. Khazanah will leverage all of its experience and expertise to transform PCMC into a world-class medical tourism focused hospital, and work towards turning Kuala Lumpur into a destination of choice for quality healthcare in the region.
The acquisition of PCMC is also a result of and in line with national level aspirations under, among others, the National Key Economic Areas (“NKEA”) of the Economic Transformation Programme (“ETP”) to boost medical tourism.
In tandem with the signing of the SPA, Khazanah has also entered into a term sheet for a Collaboration Agreement with IHH Healthcare Berhad (“IHH”) for shared services support and operational improvement initiatives at PCMC. IHH will be given a right of first offer to acquire PCMC during a pre-agreed period.
Khazanah Managing Director, Tan Sri Datuk Wira Azman Hj. Mokhtar said, “We are delighted with this rare opportunity to acquire PCMC. We invested in Pantai Holdings Berhad back in 2006, and transformed this platform into what is now known as IHH Healthcare Berhad (“IHH”), the largest emerging markets listed hospitals operator with over 10,000 beds in 10 countries. Working together with IHH, we aim to elevate PCMC into a leading hospital that delivers world-class healthcare for medical tourists.”
Under the terms of the SPA with PETRONAS, Khazanah will acquire PCMC at an agreed price comparable to market assessment, payable upon completion of the transaction. Khazanah anticipates the transaction to be completed by end of Q2 2018.
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