Australian healthcare provider Ramsay Health Care and Malaysian conglomerate Sime Darby are making a second attempt to divest their hospital joint venture (JV), Ramsay Sime Darby Health Care, reported Bloomberg.

The companies have invited healthcare and private equity businesses to bid for the Asia-focused JV.

These entities are required to submit non-binding bids by the end of next month, with the business expected to be valued at up to $1.5bn.

There was no official confirmation on the development by the parties involved and the news agency stressed that no final call has been taken on the matter yet.

This decision to offload the business is motivated, in part, by Malaysia considering a capital gains tax on the sale of unlisted shares by companies, Bloomberg stated citing people privy to the development.

Malaysia looks to explore the launch of such taxation in 2024.

An earlier move to sell the Malaysia-based JV to IHH Healthcare fell apart around a year ago on failing to enter a binding deal.

IHH made a MYR5.67bn ($1.2bn) buyout offer for Ramsay Sime Darby Health Care in March 2022.

Ramsay Health Care and Sime Darby own 50:50 stakes in the JV, which was established in 2013.

Its portfolio includes four hospitals in Malaysia and three in Indonesia, which offer healthcare services such as primary care, mental health care, rehabilitation, and surgery.