KUALA LUMPUR (Sept 1): After nearly a year, IHH Healthcare Bhd has completed its acquisition of Prince Court Medical Centre for RM1.02 billion.
Prince Court is now the 16th hospital under IHH in Malaysia, the group said in a statement today.
The acquisition from Khazanah Nasional Bhd was made via IHH’s indirect wholly-owned subsidiary Pantai Hospital Sdn Bhd.
Khazanah bought the 277-single-bed hospital from Petroliam Nasional Bhd for RM1.086 billion two years ago.
“Prince Court Medical Centre will complement IHH’s cluster strategy of having specialised tertiary hospitals in Kuala Lumpur. There are currently three Pantai Hospitals and one Gleneagles Hospital serving the needs of the community in the city,” said Jean-Francois Naa, chief executive officer of IHH’s Malaysia operations division.
“Clinical services at Prince Court Medical Centre will run as usual and patients can continue with their existing care at the hospital,” Naa said.
He said IHH can effectively leverage its combined clinical excellence and expertise to deliver optimised, comprehensive care to both its local and foreign patients.
Additionally, IHH said it will look into investing in Prince Court to enhance patient experience, synonymous with its brand image.
Besides Prince Court, IHH operates 11 Pantai Hospitals and four Gleneagles Hospitals in Malaysia. It has a combined strength of more than 2,900 licensed beds, over 11,000 staff and over 1,000 resident and sessional consultants.
IHH’s shares closed three sen or 0.56% lower at RM5.33 today, valuing the company at RM47.05 billion.
Source: The Edge Market