PETALING JAYA: Property developer YNH Property Bhd is planning to dispose of a hospital facility in Perak to Pantai Medical Centre Sdn Bhd (PMC) for RM63mil.
In a filing with Bursa Malaysia, YNH said its wholly owned subsidiary, YNH Hospitality Sdn Bhd, had agreed to enter into discussions with PMC on Dec 9 for the disposal of the facility.
YNH said the five-storey hospital facility, currently known as Pantai Hospital Manjung (PHM), is built on a piece of land measuring about 19,986 sq m in Manjung, Perak.
“This is in response to a letter dated Nov 25, 2016 received from PMC expressing its interest to acquire the property, subject to all terms and conditions being mutually agreed by the parties.”
According to reports, the RM50mil PHM project was completed in 12 months by YNH. Based on its website, PHM is a multi-disciplinary community hospital located within the commercial area of Manjung.
The 58-bed hospital houses 18 medical specialists and provides an extensive range of disciplines including anaesthesiology; general medicine; ophthalmology; general surgery; ear, nose and throat surgery; orthopaedics; and obstetrics and gynaecology.
PHM is one of 14 hospitals operated by Pantai Holdings Bhd, which is part of Parkway Pantai Ltd, a subsidiary of IHH Healthcare Bhd.
Parkway Pantai is one of Asia’s largest integrated private healthcare groups with 31 hospitals throughout the region, including Singapore, Malaysia, India, China, Brunei and the United Arab Emirates.
For its third quarter ended Sept 30, 2016, YNH’s net profit surged more than 500% to RM10.04mil from RM1.50mil in the previous corresponding period, mainly due to sales of inventories during the period.
Revenue, however, slipped to RM90.04mil from RM112.82mil in the previous corresponding period.
For the nine-month period ended Sept 30, meanwhile, the company’s net profit jumped to RM25.75mil from RM9.12mil a year earlier, while revenue was at RM246.70mil from RM259.91mil previously.
In its notes accompanying the latest earnings results, the company said it was looking forward to an improvement in the current economic climate and a relaxation in the banking guideline over the subsequent quarters for a reversal of its performance.
Perak-based YNH is controlled by low-profile businessman Datuk Dr Yu Kuan Chon, who is the chairman and executive director of the listed family-run company, as well as the single-largest shareholder with 25.75%.
The medical doctor-turned-entrepreneur caught the attention of the market in 2013 when he went on to accumulate up to more than 8% of Hong Leong Capital Bhd (HLCap), putting him in a strong bargaining position in relation to the planned buyout of the stock that is ultimately controlled by tycoon Tan Sri Quek Leng Chan of the Hong Leong group.
HLCap shares soared from RM1.42 prior to Quek’s takeover attempt in early 2013 to a record high of RM14.60 on June 17, 2014.