Read More: http://www.btimes.com.my/articles/20111223231827/Article/
Khazanah's 70 per cent-owned subsidiary Integrated Healthcare Holdings Sdn Bhd (IHH) yesterday announced it would buy a 60 per cent stake in Acibadem Saglik Yatirimlari Holding A.S. (ASYH). Another 15 per cent stake would be acquired through Khazanah's wholly-owned special purpose vehicle Bagan Lalang Ventures Sdn Bhd. ASYH is Khazanah's first direct investment in a Turkish company. "This acquisition values Acibadem at about US$1,680 million (RM5,320 million) for its entire Class A and Class B share capital," IHH said in a statement yesterday. Acibadem's founder Mehmet Ali Aydinlar and family will own the remaining 25 per cent of ASYH, IHH added. The acquisition, signed yesterday, will be paid partly in cash and partly in the form of newly-issued IHH shares. This means Aydinlar family and Abraaj Capital will emerge as shareholders of IHH. IHH noted that the ASYH deal followed the signing of a non-binding term sheet on September30 this year. "It represents another milestone for IHH in acquiring yet another best-in-class private healthcare provider," it added. Acibadem has a growing footprint of high-quality assets across Turkey, Central and Eastern Europe, IHH said. News of Khazanah's Turkish venture has been circulating for some time, but the government investment arm did not confirm the acquisition until yesterday. IHH has medical assets in Malaysia, Singapore. Brunei, China and India. Last year, IHH bought most of its Singapore medical assets via a full takeover of Parkway Holdings Ltd, in a transaction that values the integrated healthcare group at US$35 billion (RM111.3 billion). Parkway and#8211; which operates three hospitals in Singapore, one in Brunei, six in China and two in India and#8211; was grouped in IHH with Khazanah's Pantai Holdings Bhd, which has nine hospitals in Malaysia. Khazanah managing director Tan Sri Azman Mokhtar said late last month it would float IHH shares next year. He, however, did not reveal the size of the initial public offering and listing venue.
Khazanah's 70 per cent-owned subsidiary Integrated Healthcare Holdings Sdn Bhd (IHH) yesterday announced it would buy a 60 per cent stake in Acibadem Saglik Yatirimlari Holding A.S. (ASYH). Another 15 per cent stake would be acquired through Khazanah's wholly-owned special purpose vehicle Bagan Lalang Ventures Sdn Bhd. ASYH is Khazanah's first direct investment in a Turkish company. "This acquisition values Acibadem at about US$1,680 million (RM5,320 million) for its entire Class A and Class B share capital," IHH said in a statement yesterday. Acibadem's founder Mehmet Ali Aydinlar and family will own the remaining 25 per cent of ASYH, IHH added. The acquisition, signed yesterday, will be paid partly in cash and partly in the form of newly-issued IHH shares. This means Aydinlar family and Abraaj Capital will emerge as shareholders of IHH. IHH noted that the ASYH deal followed the signing of a non-binding term sheet on September30 this year. "It represents another milestone for IHH in acquiring yet another best-in-class private healthcare provider," it added. Acibadem has a growing footprint of high-quality assets across Turkey, Central and Eastern Europe, IHH said. News of Khazanah's Turkish venture has been circulating for some time, but the government investment arm did not confirm the acquisition until yesterday. IHH has medical assets in Malaysia, Singapore. Brunei, China and India. Last year, IHH bought most of its Singapore medical assets via a full takeover of Parkway Holdings Ltd, in a transaction that values the integrated healthcare group at US$35 billion (RM111.3 billion). Parkway and#8211; which operates three hospitals in Singapore, one in Brunei, six in China and two in India and#8211; was grouped in IHH with Khazanah's Pantai Holdings Bhd, which has nine hospitals in Malaysia. Khazanah managing director Tan Sri Azman Mokhtar said late last month it would float IHH shares next year. He, however, did not reveal the size of the initial public offering and listing venue.
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