IHH shareholders greenlight Prince Court Medical Centre buy for $246m

The acquisition is set to be completed in Q1 2020.

IHH Healthcare Berhad has secured 99.99% approval from its shareholders to acquire Prince Court Medical Centre (PCMC) in Malaysia for $246.70m (RM1.02b), according to a press release.

IHH’s wholly-owned subsidiary, Pantai Holdings entered a conditional share purchase with Pulau Memutik Ventures, a wholly-owned subsidiary of Malaysia’s sovereign wealth fund Khazanah Nasional Berhad, for the acquisition of the entire issued share capital of PCMC.

IHH expects the proposed acquisition to be completed in Q1 2020. Afterwards, PCMC will become the group’s 16th hospital in Malaysia.

Located in Kuala Lumpur, PCMC is a 277-licensed bed private healthcare facility that offers services in burns management, cancer, gastrointestinal diseases, interventional cardiology, in vitro fertilisation, nephrology, occupational health, orthopaedic and rehabilitation medicine.

Photo from Prince Court's website