IHH Healthcare’s indirect wholly owned subsidiary Pantai Holdings has signed an agreement to acquire Bedrock Healthcare (BHSB) for RM245m ($72.4m) on a cash-free, debt-free basis.

Pantai signed a share purchase agreement with Saravita Holdings and nine individual founders to acquire the entire equity interest in BHSB.

Through its wholly owned subsidiaries, BHSB owns the 82-bed Timberland Medical Centre in Kuching, Sarawakand, Malaysia.

Timberland Medical Centre provides various surgical, medical, and hospital services, including hepatology, orthopaedic, gastroenterology, cardiology, urology, nephrology, oncology, and general and orthopaedic surgery.

On vacant land in central Kuching, BHSB plans to construct a new 200-bed tertiary hospital.

IHH Healthcare group chief strategy and business development officer Ashok Pandit said: “The acquisition and new development will strengthen IHH’s position as a leading provider of quality and comprehensive care across Malaysia.

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“The two assets will complement our cluster strategy for East Malaysia and bring the total IHH bed capacity in East Malaysia to almost 500 in the future.”

Subject to regulatory clearances and the satisfaction of conditions, the proposed acquisition is anticipated to be completed by the first half of next year, and operations will be carried out without any interruptions.

IHH Healthcare Malaysia CEO Jean-François Naa said: “The proposed acquisition will allow IHH to strengthen its position in Sarawak by scaling up Timberland’s operations via a new 200-bed tertiary hospital to be constructed in central Kuching, with a further investment of approximately RM400m ($87.4m), to serve the local needs, as well as the fast-growing medical tourism market from Indonesia.”