Thursday, 19 April 2012

KPJ Healthcare teams up with Naim Holdings to set up hospital in Sarawak

KUALA LUMPUR (April 19): KPJ HEALTHCARE BHD [] is teaming up with NAIM HOLDINGS BHD [] to build and own a hospital in Miri, Sarawak.

It said on Thursday that its wholly owned unit, Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB)had signed a joint venture agreement (JV) with Naim Land Sdn Bhd (NLSB) for the purpose of designing, developing, building, completing and owning a purpose-built hospital building and subsequently operating as a hospital on 4-acre land in Kuala Baram district.

NLSB is a wholly owned subsidiary of Naim Holdings Bhd.

KPJ said the JV would operate through a joint venture company (JVC) , of which KPJSB will hold 70% equity interest while NLSB will hold the remaining 30% equity interest at all times.

It said the JVC would have an initial authorised share capital of RM25 million divided into 25 million ordinary shares of RM1.00 each and an initial issued share capital of RM2.00 divided two (2) ordinary shares of RM1.00 each.

KPJ said the subscription price of RM13.76 million for 13.76 million JVC shares would be financed via internally generated funds of the KPJ Group.

On the rationale for the JV, KPJ said the joint venture was in line with its objective to increase its network of hospitals to locations where private healthcare is in demand, enlarge the customer base as well as other areas of healthcare services.

IT said the JV would leverage on KPJ and NLSB’s capabilities to successfully operate as a private hospital.

“The Proposed JV shall lower KPJ’s initial start up cost, i.e. cost of land and CONSTRUCTION [] cost of hospital building, and lower maintenance spend,” it said.

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