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Khazanah stengthens focus in healthcare with acquisition

Posted on January 30, 2012, Monday

KUALA LUMPUR: The acquisition of a 75 per cent stake in Turkish healthcare provider Acibadem Saglik Yatirimlari Holding AS (ASYH) by Khazanah Nasional Bhd (Khazanah) and its subsidiary, Integrated Healthcare Holdings Sdn Bhd (IHH) sees the government’s investment holding arm achieving another major milestone with a strategy that focuses on healthcare.

Tan Sri Azman Mokhtar

“Five or six years ago, we have identified healthcare as a very important sector that brings together several values,” managing director Tan Sri Azman Mokhtar said.

The defensive nature of healthcare combined with the growth attributes of the sector offers unique opportunities especially in this current uncertain global economy, he said.

Last Tuesday, IHH completed its purchase of 60 per cent stake in ASYH from Mehmet Ali Aydinlar and family and Abraaj Capital, a leading private equity manager investing in the Middle East, Turkey, Asia and Africa.

Khazanah’s special purpose vehicle, Bagan Lalang Ventures Sdn Bhd also acquired a 15 per cent direct stake in ASYH.

ASYH is the 92 per cent shareholder of listed Acibadem Saglik Hizmetleri ve Ticaret AS (Acibadem), a leading private healthcare services provider in Turkey.

With the transaction, Azman said the group was spreading its footprint in the key growth markets in healthcare in the world.

Speaking at a ceremony marking the completion of the purchase of ASYH by Khazanah and IHH in Istanbul recently, he said the transaction also resulted in the Aydinlar family and Abraaj Capital becoming shareholders of IHH, owning about 4.2 per cent and 7.1 per cent respectively in the company.

Khazanah via its wholly owned SPV, Pulau Memutik Ventures (PMV) has retained a 62.1 per cent stake in IHH while Mitsui via its wholly owned SPV, MBK Healthcare Partners Ltd has a 26.6 per cent stake.

“The Khazanah group, Acibadem, Abraaj as well as Mitsui have footprints and deep relationship in many countries,” Azman said.

He said this included China which was a very regulated market but added that with changes happening, the group was very well placed.

“We are already seeing a large part of our revenue base from Singapore.” According to Azman, the partnership which would bring together different parts of the world including Japan, South East Asia and India, would provide the group a platform to explore many other areas.

Khazanah also has a major stake in Apollo hospital, the leading healthcare provider in India.

“It’s the positioning.

The moment we come together like this partnership, it’s much stronger.

We can see the world class high quality hospital — the input — that Acibadem brings.” “Our model of doing business is very much in collaboration.

Shareholders and stakeholders of IHH can look forward to this synergy,” Azman said.

Asked on the plan to list IHH, Azman said there had been no changes on the plan to list IHH this year.

However, he declined to comment on whether there would be a dual or single listing and whether or not IHH would be listed in Kuala Lumpur.

“Let the board decide whether it is single or dual listing,” he nonetheless said.

The lead advisers for the listing have been appointed. — Bernama

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