KUALA LUMPUR (May 27): IHH Healthcare Bhd is allocating RM4.83 billion until 2018 for the hospital operator's global expansion, which includes an additional 3,000 beds in the near term.

IHH managing director and chief executive officer Dr Tan See Leng said the company was focusing on growing in China, India and Turkey. He said 70% of IHH's targeted expansion next year would be in China, where the emphasis would be in Hong Kong and Shanghai.

In India, Tan said IHH planned to become a leading healthcare provider in Bangalore, Hyderabad, Chennai and Bombay.

On Turkey, he said IHH intends to open a 325-bed hospital in Istanbul in early 2017.

Today, Tan said: "We are committed to 3,000 beds in the pipeline, of which a third (about 1,100) will come next year." He was speaking at a press conference after IHH's annual general meeting here today.

Despite global headwinds and volatile currency exchange rates, Tan said IHH is not slowing its expansion.

In China, he said the company planned to progressively open its 500-bed Gleneagles Hong Kong hospital starting from the first quarter of 2017.

Tan said IHH's 350-bed ParkwayHealth Chengdu Hospital is expected to be completed in late 2017.

At Bursa Malaysia today, IHH shares rose two sen or 0.3% to settle at RM6.54 for a market value of RM53.82 billion. The stock saw some three million shares traded.