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Khazanah Nasional buys Prince Court Medical Centre from Petronas
PETALING JAYA: Khazanah Nasional Bhd is acquiring Prince Court Medical Centre (PCMC) from Petroliam Nasional Bhd (Petronas) for an undisclosed sum, with plans to collaborate with IHH Healthcare Bhd to transform the medical centre.
The strategic investment fund said in a statement today that its wholly owned subsidiary Pulau Memutik Ventures Sdn Bhd has signed a share sale and purchase agreement with Petronas’ wholly owned subsidiary Petronas Hartabina Sdn Bhd for the acquisition.
“This strategic acquisition marks another milestone for Khazanah in its mission to build up the healthcare services sector in Malaysia. Khazanah will leverage all of its experience and expertise to transform PCMC into a world-class medical tourism focused hospital, and work towards turning Kuala Lumpur into a destination of choice for quality healthcare in the region,” it said.
It added that the acquisition is a result of and in line with national level aspirations under, among others, the National Key Economic Areas of the Economic Transformation Programme to boost medical tourism.
Khazanah will acquire PCMC at an agreed price comparable to market assessment, which it did not disclose. The transaction is expected to be completed by the end of the second quarter this year.
In addition to the acquisition, Khazanah has also entered into a term sheet for a collaboration agreement with IHH for shared services support and operational improvement initiatives at PCMC. IHH will be given a right of first offer to acquire PCMC during a pre-agreed period.
“We are delighted with this rare opportunity to acquire PCMC. We invested in Pantai Holdings Bhd back in 2006, and transformed this platform into what is now known as IHH, the largest emerging markets listed hospitals operator with over 10,000 beds in 10 countries.
“Working together with IHH, we aim to elevate PCMC into a leading hospital that delivers world-class healthcare for medical tourists,” said Khazanah managing director Tan Sri Azman Mokhtar.
Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said PCMC is ready for its next phase of growth to become the leading healthcare provider in Asia.