KPJ to add five more hospitals

MYT 5:24:10 PM

JOHOR BARU: KPJ Healthcare Bhd plans to include five more hospitals as part of the Al-‘Alqar KPJ REIT. 

The hospitals are Perdana Specialist Hospital, Kuantan Specialist Hospital, Sentosa Medical Centre, KPJ Kajang Specialist Hospital and Kedah Medical Centre. 

“With the exercise, the company will be able to focus on its core activities of managing hospital services,’’ said its chairman Tan Sri Muhammad Ali Hashim. 

He was speaking in a press conference after the KPJ Healthcare Bhd and Al-‘Alqar KPJ REIT EGMs on Monday. 

Al-‘Alqar KPJ REIT had proposed to acquire the five properties for RM170.04mil – RM85.755mil in cash and the issuance of 88,721 new units in the former at an issue price of 95sen per unit. 

KPJ will distribute 14.4 million units in Al-‘Alqar KPJ REIT as dividend in specie to its shareholders on the basis of seven units in REIT for every 100 ordinary shares of RM1 each held in KPJ. 

The Al-‘Alqar KPJ REIT, a unit trust that invests in healthcare and related properties, primarily hospital buildings, owns a composition on investment worth RM481mil. 

The hospitals are Ampang Puteri Specialist Hospital, Damansara Specialist Hospital, Johor Specialist Hospital, Ipoh Specialist Hospital, Selangor Medical Centre and Puteri Specialist. 

Muhammad Ali said funds raised from the sale to the REIT would be used for other investments and to reduce borrowings. 

He said the company would continue to look at REITs as part of its expansion programme to unlock the true value of its properties. 

KPJ Healthcare currently owns and manages 17 hospitals nationwide and six overseas – three in Indonesia, one in Dhaka, Bangladesh, and two in Jeddah, Saudi Arabia.

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