Malaysian wealth fund Khazanah to buy Prince Court Medical Centre from Petronas

vivian

March 23, 2018

PCMC

23/3/2018 – A wholly owned subsidiary of Malaysia’s sovereign wealth fund Khazanah Nasional recently announced that it is acquiring private healthcare facility Prince Court Medical Centre (PCMC) from Petronas.

The state-owned sovereign fund has signed a share sale and purchase agreement via its wholly owned subsidiary Pulau Memutik Ventures Sdn Bhd. for the full acquisition of PCMC at an agreed price comparable to the market assessment.

“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.” said the Khazanah.

The transaction is expected to be completed by the end of the second quarter of 2018.

Founded in 2007, PCMC is a 270-bed private healthcare facility located in Kuala Lumpur. It provides healthcare services in the areas of anesthesiology, cardiology, cardiothoracic surgery, endocrinology, gastroenterology, general surgery, maxillofacial surgery, and nephrology, as well as ear, nose, and throat surgeries.

Khazanah said this acquisition is in line with national aspirations under the National Key Economic Areas of the Economic Transformation Programme (ETP) and marks another milestone in its mission to build up the healthcare services sector in Malaysia.

Aside from the acquisition, Khazanah has also entered into a collaborative agreement with Malaysian-Singaporean private healthcare group, IHH Healthcare Berhad (IHH) for shared services support and operational improvement initiatives at PCMC.

Meanwhile, IHH will also 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 Berhad back in 2006, and transformed this platform into what is now known as IHH Healthcare Berhad, the latest emerging markets listed hospitals operator with over 10,000 beds in 10 countries,” said Khazanah Managing Director, Tan Sri Datuk Wira Azman Hj Mokhtar.

vivian

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.