KPJ Healthcare to buy hospital for RM38mil

  • Business
  • Thursday, 30 Jul 2009

KUALA LUMPUR: KPJ Healthcare Bhd’s wholly-owned subsidiary Kumpulan Perubatan (Johor) Sdn Bhd is proposing to acquire Bandar Baru Klang Medical Centre building from Greenbelt View Sdn Bhd for RM38mil cash.

In a filing with Bursa Malaysia, the company said the building was a partially completed six-level purpose-built private specialist hospital building with two levels of basement carpark.

The purchase, to be financed with internally generated funds of KPJ and its subsidiaries, was in line with the group’s objective to increase its network of hospitals to locations where private healthcare was in demand, it said.

The proposed acquisition is expected to be completed by year-end.

KPJ said the construction of the medical centre had ceased in 1998 and the estimated further development cost was about RM70mil.

The development of the centre was expected to commence immediately upon completion of the proposed acquisition and anticipated to be finished by 2011.

The cost of development was expected to be financed by internally generated funds and/or bank borrowing.

KPJ said it would seek the Health Ministry’s approval for the property to be operated as a private healthcare facility.

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