IHH Healthcare buys Prince Court Medical Centre for $240m

The deal would give IHH a larger share in the medical tourism market in Klang Valley.

IHH Healthcare Berhad will acquire the entire issued share capital of Prince Court Medical Centre (PCMC) in Kuala Lumpur, Malaysia for a cash consideration of $240m (RM1.02b), the healthcare provider said in a release.

Also read: IHH Healthcare profits up 28% to $57.42m in Q2

Its wholly-owned subsidiary Pantai Holdingshas entered into a conditional share purchase agreement with Pulau Memutik Ventures, a wholly-owned subsidiary of Khazanah Nasional Berhad, for the acquisition of 100 million ordinary shares and 35,176 redeemable preference shares in PCMC representing the entire issued share capital of PCMC.

IHH said that the purchase would allow the company to gain a larger share in the growing medical tourism market in the Klang Valley as well as strengthen its position in the Malaysian private healthcare segment.

PCMC, which is located at the “Golden Triangle” area in Kuala Lumpur, owns and operates a 277-licensed bed private healthcare facility offering medical, surgical and hospital services.

Its services include burns management, cancer treatments, gastrointestinal diseases, interventional cardiology, in vitro fertilisation, nephrology, occupational health, orthopaedic and rehabilitation medicine, among others.

Photo by Umar Mukhtar (Pexels)