Khazanah buys Prince Court Medical Centre from Petronas

Khazanah Nasional Bhd is buying a 100% stake in the Prince Court Medical Centre from Petroleum Nasional Bhd for an undisclosed sum.

KUALA LUMPUR: Khazanah Nasional Bhd is buying a 100% stake in the Prince Court Medical Centre from Petroleum Nasional Bhd for an undisclosed sum as it seeks to build up the healthcare services sector in Malaysia.

The sovereign wealth fund said on Thursday it  had signed a share sale and purchase agreement with the national oil corporation to acquire the private healthcare hospital at an agreed price comparable to market assessment, payable upon completion of the transaction. 

“Khazanah anticipates the transaction to be completed by end of Q2 2018,” it said.

Khazanah will also rope in IHH Healthcare Bhd to provide shared services support and operational improvement initiatives at the 270-bed hospital under a  collaboration agreement.

“IHH will be given a right of first offer to acquire Prince Court Medical Centre during a pre-agreed period,” it said.

Khazanah said this strategic acquisition marks another milestone for Khazanah in its mission to build up the healthcare services sector in Malaysia. 

“Khazanah will leverage all of its experience and expertise to transform Prince Court Medical Centre into a world-class medical tourism focused hospital, and work towards turning Kuala Lumpur into a destination of choice for quality healthcare in the region,” it said.

Khazanah managing director, Tan Sri Azman Mokhtar said: “We are delighted with this rare opportunity to acquire Prince Court Medical Centre . 

“We invested in Pantai Holdings Berhad back in 2006, and transformed this platform into what is now known as IHH Healthcare Berhad, the largest emerging markets listed hospitals operator with over 10,000 beds in 10 countries. 

“Working together with IHH, we aim to elevate Prince Court Medical Centre  into a leading hospital that delivers world-class healthcare for medical tourists.”

Meanwhile, Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said: “Petronas is pleased to witness Prince Court Medical Centre's recent transformation in becoming a self-sustaining and profitable organisation with strengthened financials and solid operational foundation. 

“Petronas believes Prince Court Medical Centre  is ready for its next phase of growth and we are confident this transaction will position Prince Court Medical Centre to realise its aspiration of becoming the leading healthcare provider in Asia.”