KUALA LUMPUR, Nov 4 – IHH Healthcare Bhd (IHH) has completed the acquisition of Island Hospital, a 600-bed facility in Penang, for an equity consideration of about RM3.9 billion.
In a statement on Monday, the healthcare provider said the acquisition marks a pivotal step in IHH’s strategic expansion in Malaysia, reinforcing its commitment to elevating healthcare quality and services nationwide and providing patients in the northern region with greater access to world-class care.
“The move reinforces IHH’s role in supporting the Malaysia government’s vision to establish the country as a leading hub for medical tourism, attracting international patients seeking cutting-edge treatment and exceptional care.
“As Penang continues to establish itself as a top destination for international patients seeking high- quality, cost-effective medical care, this acquisition positions IHH to further contribute to Malaysia’s growing medical tourism aspiration,” it said.
To recap, IHH’s indirect unit Pantai Holdings Sdn Bhd inked an agreement on Sept 4 to acquire Island Hospital for an equity consideration of RM3.92 billion in cash.
Island Hospital and its subsidiaries had a net debt of RM276.3 million as of June 30, 2024.
With the addition of Island Hospital, IHH now operates 18 hospitals across Malaysia, including 11 Pantai Hospitals, four Gleneagles Hospitals, Prince Court Medical Centre, and Timberland Medical Centre.
