Weida secures RM351 million govt concession to upgrade Sarawak General Hospital

Weida secures RM351 million govt concession to upgrade Sarawak General Hospital
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KUALA LUMPUR (April 28): Weida (M) Bhd has secured a 20-year government concession worth RM351 million to build new buildings and facilities for the Sarawak General Hospital under a build-lease-maintain-transfer model.

In a filing with Bursa Malaysia today, Weida said its 49%-owned indirect associate Asaljuru Weida Sdn Bhd has signed a concession agreement (CA) with the Minister of Health for the proposed project. The other shareholders of Asaljuru Weida is Asaljuru Construction Sdn Bhd, which has a 40% stake and Cahaya Majestic Sdn Bhd with the remaining 11%.

Under the CA, Asaljuru Weida will build a daycare centre, a medi-hotel with a multi-storey car park and a multi-storey car park complex for the Sarawak General Hospital in Kuching.

It will also provide asset management services to the new buildings and facilities upon completion, as well as operate the medi-hotel and car park.

"The concession will commence from the date of the fulfilment of the conditions precedent to the CA or the construction commencement date, whichever is later," said Weida.

"The concession is expected to contribute positively to the earnings of Weida Group in future financial years," it added.

Weida shares closed up five sen or 2.69% at RM1.91 today, for a market capitalisation of RM239.83 million.