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Second bid by Sime to sell its healthcare stake

Second bid by Sime to sell its healthcare stake
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Less than a year after a RM5.67 billion deal with IHH Healthcare Bhd (IHH) fell through, Sime Darby Berhad and its joint venture partner, Ramsay Health Care Limited are making a second attempt to sell their interests in Ramsay Sime Darby Health Care Sdn Bhd (RSD).

RSD owns seven hospitals in Malaysia and Indonesia. In Malaysia it owns Subang Jaya Medical Centre, ParkCity Medical Centre, Ara Damansara Medical Centre and Bukit Tinggi Medical Centre.

“The decision has been reached following the receipt of significant inbound interest in RSD at values that are in shareholder’s interests to explore, noting that there is no certainty that a sale process will result in a completed transaction,” Ramsay Health Care said in its filing with the Australian Stock Exchange recently.

In a brief announcement to Bursa Malaysia, Sime Darby said, together with its partner Ramsay Health Care, a decision has been made to explore the possibility of realising a sale of its 50:50 joint venture in RSD.

“At this stage, there is no assurance that the sale process will result in a transaction. Sime Darby will make the necessary announcement to Bursa Malaysia Securities Berhad if and when there is a definite corporate proposal by the company,” Sime Darby said.

Ramsay Health Care said RSD has continued to perform strongly in FY23. The equity accounted contribution from the business to Ramsay Health Care for the nine months to March 31, 2023 was A$16.2 million, an increase of 31 per cent on the prior corresponding period.

On March 29, Sime Darby had said the company had yet to decide after Reuters reported that the JV partners planned to revive the sale of Ramsay Sime Darby Health Care Sdn Bhd.

The news agency reported the companies were in talks with financial advisors to explore a sale of the JV to strategic investors in a deal that could value the business at some RM6 billion.

On Sept 9, 2022, IHH announced its discussion with Sime Darby and Ramsay Health Care for IHH’s proposed acquisition of 100 per cent of the JV had concluded without a binding agreement. – The Health

Tags: IHH HealthcareJoint ventureLocal NewsRamsay Sime Darby Health CareThe Health 2023The Health July 2023theHealth
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