PETALING JAYA: Ibraco Bhd
has entered into an agreement to dispose of about 4.2 acres of vacant leasehold land in Block 12, Muara Tebas Land District, to NorthBank Specialist Hospital Sdn Bhd (NHSB) and Kuching Health Holdings Sdn Bhd (HMI) for RM35.4mil.
The land, acquired in 2011 and valued at RM34mil as of November 2024, is earmarked for the development of a private specialist hospital within the NorthBank township.
NHSB, incorporated in 2019, is wholly owned by HMI, which is part of regional healthcare group Health Management International Pte Ltd. Under the sale and purchase agreement, payment will be made in stages, subject to conditions precedent including state planning approval, Health Ministry approval to establish and operate a private hospital, foreign equity approvals, and local authority building plan approval.
The deal is expected to be completed within 28 business days of meeting all conditions.
Ibraco expects to record a gain of about RM22mil from the disposal, with proceeds will be channelled towards the NorthBank Business Exchange development, working capital, and transaction expenses.
The hospital is expected to enhance healthcare access and support long-term growth for the township.
