malaysiang
KUALA LUMPUR: IHH Healthcare Bhd (IHH) has finalized the acquisition of Island Hospital, a 600-bed facility in Penang, for approximately RM3.9 billion. The healthcare provider announced that this acquisition is a crucial step in IHH’s strategic expansion within Malaysia, aiming to enhance healthcare quality and services across the nation while offering patients in the northern region increased access to top-tier medical care.
According to BERNAMA News Agency, this move strengthens IHH’s contribution to the Malaysian government’s vision of positioning the country as a premier medical tourism hub, attracting international patients seeking advanced treatments and exceptional healthcare. As Penang solidifies its status as a leading destination for high-quality, cost-effective medical care, the acquisition allows IHH to further support Malaysia’s aspirations in the medical tourism sector.
IHH’s indirect unit, Pantai Holdings Sdn Bhd, had previously signed an agreement on September 4 to acquire Island Hospital fo
r a cash consideration of RM3.92 billion. As of June 30, 2024, Island Hospital and its subsidiaries reported a net debt of RM276.3 million. With the addition of Island Hospital, IHH now operates a total of 18 hospitals throughout Malaysia, including facilities such as 11 Pantai Hospitals, four Gleneagles Hospitals, Prince Court Medical Centre, and Timberland Medical Centre.
IHH plans to integrate Island Hospital’s clinical expertise into its extensive network and explore development opportunities within the hospital’s valuable landbank to ensure continued growth in the region and address the increasing healthcare demands from both local and international patients.
Ashok Pandit, IHH’s group chief corporate officer, stated that the acquisition would bolster IHH’s leadership in healthcare and medical tourism within Malaysia. He emphasized the group’s commitment to enhancing care and outcomes across its global network while creating sustainable value for stakeholders through strategic investments. Collaborating
with Island Hospital’s skilled team, IHH aims to deliver superior patient experiences and clinical quality to a broader patient base.
Jean-François Naa, CEO of IHH Malaysia, highlighted that the acquisition of Island Hospital marks a significant milestone in the group’s dedication to advancing the quality and accessibility of healthcare in Malaysia. He noted that IHH will build on its track record of operational excellence and successful integration of acquired assets by introducing advanced treatments and improving patient experiences at Island Hospital. The focus remains on providing exceptional care to both local and international patients and contributing to Malaysia’s growing reputation as a medical tourism hub.
