TH Group branches into healthcare with acquisition of hospital

KLSE main board company TH Group Bhd (THG), which is into plantations, contracting services and information technology-related investments, will move into a fourth core business, healthcare, with the acquisition of the Nilai Cancer Institute (NCI), the first private oncology hospital in Malaysia. 

THG will acquire a 90.57% equity stake in Asiaprise Biotech Sdn Bhd, which owns the NCI, for RM38.95mil, to be paid in part by cash (RM6.35mil) and the rest through the issuance of 29.64mil new TH Group shares at a five-day weighted average price of RM1.10 each. The agreement for the remaining 9.43% equity interest in Asiaprise will be signed later.