Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Nov 29): Khazanah Nasional Bhd is divesting a 16% stake or 1.40 billion shares in IHH Healthcare Bhd to Mitsui & Co Ltd for RM8.42 billion or RM6 a share.

In a statement today, Khazanah said with the divestment, its shareholding in IHH will drop to 26.05%.

It explained that this is based on the enlarged share capital of IHH after the completion of the acquisition of 30% additional equity interest in Acibadem Saglik Yatirimlari Holding A.S by IHH.

IHH announced the Acibadem acquisition on Oct 8 this year.

Khazanah said the transaction is subject to relevant regulatory approvals and the completion of the Acibadem acquisition.

Khazanah said the divestment forms an important part of the restructuring of its portfolio, and the proceeds raised will be utilised for new investments and capital requirements.

“Khazanah will continue to be a significant shareholder with representation on the Board of IHH, and will provide stability to the shareholder base of IHH for the foreseeable future,” it said.

Meanwhile, Khazanah managing director Datuk Shahril Ridza Ridzuan said the transaction clearly shows the confidence of Mitsui in the growth of the IHH platform.

“Khazanah remains committed to supporting the group and looks forward to the future success of IHH.

“The divestment is part of Khazanah’s strategy to grow the businesses that we are invested in and to find the appropriate times and value to create liquidity for our future capital and investment needs,” he said.

He expects the transaction to be completed by the first quarter of 2019.

      Print
      Text Size
      Share