IHH Healthcare reverses into the red in 3Q on forex losses
https://www.theedgesingapore.com/ihh-he ... rex-losses
KUALA LUMPUR (Nov 29): Malaysia's Khazanah Nasional is selling a 16% stake in Singapore-listed IHH Healthcare to Mitsui & Co for about RM8.42 billion ($2.76 billion) in cash, kicking off a restructuring of the sovereign wealth fund's portfolio under a new government.
In separate statements on Thursday, Khazanah and Mitsui said the Japanese firm is paying that amount to raise its stake in IHH to 32.9% and become the biggest shareholder of one of Asia's largest private hospital groups. Khazanah's stake will be cut to about 26%.
IHH has gained more than 103% since its IPO, paid out almost RM1.15 billion ($380.3 million), or 17 sen a share, in dividends and generated RM4.53 billion in net profit since 2013.
The group has under its belt such healthcare brands as Parkway, Pantai, Mount Elizabeth and Gleneagles, a 90% stake in Acibadem Holdings and a 31.17% stake in Fortis Healthcare.
It employs more than 55,000 people and operates more than 15,000 licensed beds across 84 hospitals in 12 countries.
1. A whipsawing Turkish lira
2. A major shareholder, EPF, cutting its stake and
3. Continued uncertainty over a plan to buy Fortis Healthcare
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