Long wait over for Faber

  • Corporate News
  • Thursday, 12 Mar 2015

KUALA LUMPUR: The long wait and uncertainty are over for Faber Group Bhd. It has won the government’s trust to deliver better hospital services following the completion of its merger exercise in October.

Its unit, Faber Medi-Serve (FMS) had waited for more than three years for an interim agreement to turn into a definitive new hospital concession agreement.

On Wednesday, FMS signed a new agreement to provide hospital support services (HSS) for the northern region at contract hospitals in Perak, Penang, Kedah and Perlis.

In addition, the 10-year agreement calls for the development of an asset and services information system and the implementation of the sustainability programme.

Faber’s associate companies, One Medicare Sdn Bhd and Sedafiat Sdn Bhd, also entered into new concession agreements to provide HSS at contract hospitals in Sabah and Sarawak.

Last year Faber became the country’s largest assets and facility management player via the RM1.15bil acquisition of its parent company UEM Group’s units Projek Penyelenggaraan Lebuhraya Bhd and Opus Group Bhd,

In 2011 Faber Medi-Serve Sdn Bhd’s concession agreement with the Governmernt for HSS was extended for either six months or until the signing of a new agreement for privatisation of HSS.

FMS and the Government later signed an interim agreement dated July 2, 2012 to continue providing HSS pending the negotiation and finalisation of the terms and conditions.

Faber Group, entering a new chapter, has proposed to change its name to UEM EDGENTA BHD as part of its re-branding exercise. Following the asset restructuring, UEM’s shareholding in Faber rose to 70.7% from 34.3%. 

The counter closed up eight sen to RM3.28 on Thursday.

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