IHH Healthcare secures Timberland Medical Centre in Sarawak, Malaysia
IHH Healthcare, in a major expansion move, has inked a Share Purchase Agreement (SPA) through its subsidiary Pantai Holdings Sdn Bhd. The deal, amounting to RM245 million ($53.4 million), facilitates the acquisition of Bedrock Healthcare Sdn Bhd (“BHSB”) which holds the prominent Timberland Medical Centre in Kuching, Sarawak. In addition, IHH Healthcare has plans to construct a brand-new 200-bed hospital in central Kuching.
Timberland Medical Centre: A Legacy in Healthcare in Borneo
Established and operational for nearly three decades, Timberland Medical Centre boasts a reputation as a premier 82-bed medical facility in Kuching. The centre is renowned across Borneo for its comprehensive medical services encompassing cardiology, oncology, nephrology, and more. With its acquisition, IHH Healthcare aims to leverage Timberland’s robust brand recognition.
Future Vision: Expanding Healthcare Horizons in East Malaysia
Ashok Pandit, who serves as the Group Chief Strategy & Business Development Officer for IHH Healthcare, emphasized the acquisition’s significance. He remarked, “The acquisition and new development will strengthen IHH’s position as a leading provider of quality and comprehensive care across Malaysia.” With these new assets, IHH Healthcare projects its total bed capacity in East Malaysia to reach close to 500 in the upcoming years.
IHH Healthcare to acquire Timberland Medical Centre in Kuching, Sarawak. Image courtesy of IHH Healthcare.
Jean-François Naa, IHH Healthcare Healthcare Malaysia’s Chief Executive Officer, further outlined the strategic intent behind the move. He stated, “The proposed acquisition will allow IHH to strengthen its position in Sarawak.” The vision involves scaling up Timberland’s operations through a new 200-bed tertiary hospital in central Kuching. This expansion will demand an additional investment of around RM400 million, targeting both the local populace and the burgeoning medical tourism influx from Indonesia.
IHH Healthcare’s Current Footprint and Next Steps
At present, IHH Healthcare operates a formidable network of 16 hospitals across Malaysia, which includes the renowned Pantai Hospitals and Gleneagles Hospitals. The current transaction’s fruition awaits regulatory approvals and meeting SPA stipulations, with the entire process set to culminate by the first half of 2024. Importantly, IHH Healthcare assures its patient base that operations will remain uninterrupted throughout the acquisition.