Khazanah sells Prince Court hospital to IHH for RM1.02bil

IHH CEO designate Dr Kelvin Loh said: “This is a rare opportunity to acquire an attractive and accretive asset in Kuala Lumpur’s ‘Golden Triangle’ that would strengthen IHH’s position in Malaysia, while allowing us to capture the growing medical tourism market.”

PETALING JAYA: In line with its revised mandate, Khazanah Nasional Bhd has proposed to divest its 100% stake in Prince Court Medical Centre Sdn Bhd (PCMC) to its healthcare platform, IHH Healthcare Bhd, for a cash consideration of RM1.02bil.

In a statement yesterday, the sovereign wealth fund said its wholly owned indirect subsidiary – Pulau Memutik Venture Sdn Bhd (PMV) – had signed a share purchase agreement with Pantai Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of IHH, for the related-party transaction (RPT) involving 100 million ordinary shares and 35,176 redeemable preference shares in PCMC.