Khazanah buys Prince Court Medical Centre from Petronas - Business News

KUALA LUMPUR: Khazanah Nasional Bhd is buying a 100% stake in the Prince Court Medical Centre from Petroleum Nasional Bhd for an undisclosed sum as it seeks to build up the healthcare services sector in Malaysia.The sovereign wealth fund said on Thursday it had signed a share sale and purchase agreement with the national oil corporation to acquire the private healthcare hospital at an agreed price comparable to market assessment, payable upon completion of the transaction.“Khazanah anticipates the transaction to be completed by end of Q2 2018,” it said.Khazanah will also rope in IHH Healthcare Bhd to provide shared services support and operational improvement initiatives at the 270-bed hospital under a collaboration agreement.“IHH will be given a right of first offer to acquire Prince Court Medical Centre during a pre-agreed period,” it said.Khazanah said 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 Prince Court Medical Centre 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.Khazanah managing director, Tan Sri Azman Mokhtar said: “We are delighted with this rare opportunity to acquire Prince Court Medical Centre .“We invested in Pantai Holdings Berhad back in 2006, and transformed this platform into what is now known as IHH Healthcare Berhad, the largest emerging markets listed hospitals operator with over 10,000 beds in 10 countries.“Working together with IHH, we aim to elevate Prince Court Medical Centre into a leading hospital that delivers world-class healthcare for medical tourists.”Meanwhile, Petronas president and group CEO Tan Sri Wan Zulkiflee Wan Ariffin said: “Petronas is pleased to witness Prince Court Medical Centre's recent transformation in becoming a self-sustaining and profitable organisation with strengthened financials and solid operational foundation.“Petronas believes Prince Court Medical Centre is ready for its next phase of growth and we are confident this transaction will position Prince Court Medical Centre to realise its aspiration of becoming the leading healthcare provider in Asia.”

Source:The Star

March 22, 2018 09:47 UTC

IWC minority shareholders urged to accept takeover offer - Business News

PETALING JAYA: BDO Capital Consultants Sdn Bhd, the independent adviser to Iskandar Waterfront City Bhd ’s (IWC) minority shareholders, has advised them to accept the takeover offer from Ekovest Bhd at RM1.50 per share.Last December, Ekovest said it has proposed to undertake a conditional voluntary general offer to acquire all the offer shares in IWC at RM1.50 per share. The consideration of the offer shares will be satisfied via cash or share exchange options.In a circular to minority shareholders filed with Bursa Malaysia Thursday, BDO had advised and recommended that shareholders to accept the offer.“Based on our evaluation, we are of the opinion that the cash option is not fair but reasonable whilst the share exchange option is fair and reasonable to the holders,” BDO said in the circular.The independent adviser said the share exchange option was more favourable due to the exchange ratio of more than one ranging from 1.26 to 1.33.An exchanging ratio of more than one indicates that the holders are effectively receiving Ekovest shares which are higher in terms of a fair value than IWC shares to be surrendered, BDO said.“The IWC shares have not traded above the offer price for the past three years prior to the March 15, 2018 (LPD), except during the Iskandar Waterfront Holdings Sdn Bhd (IWH) proposed merger scheme period,“Additionally, the offer price represents a premium of approximately 7 sen, or 4.9% over the closing price of IWC shares as at LPD,” BDO said.It noted that the average daily volume traded of Ekovest shares as a percentage over free float of about 43.72% for the past 12 months is higher than the average daily volume traded of IWC shares for the same period of about 13.79%.

Source:The Star

March 22, 2018 08:03 UTC