Its latest deal to acquire Island Hospital in Penang for $1.26b is seen positively by analysts.
SINGAPORE - Private healthcare group IHH Healthcare, which operates four hospitals locally under the Gleneagles, Mount Elizabeth and Parkway brands, is eyeing growth in Singapore and Hong Kong.
The company also intends to increase the capacities of some of its hospitals by almost 4,000 beds by 2028, and is also exploring the possibility of entering new markets such as Indonesia and Vietnam. The RM4.2 billion deal includes a 78 per cent stake previously held by private equity firm Affinity Equity Partners, as well as the remaining shares owned by Island Hospital’s senior doctors and its founder and chief executive Mark Wee. The deal is expected to be completed by the end of 2024.
“What drew us to this asset was that it has robust operations supported by a deep specialist pool - it allows us to extend our leading position in Penang and increase our participation in Malaysia’s medical tourism sector.” Analysts told ST that there is potential upside to IHH’s share price, even as the acquisition of Island Hospital could dilute the firm’s earnings in the short term.
“Should price see a strong convincing bullish breakout above this key resistance and psychological level, IHH share price could very well see further upside and push towards $2.33 price level.”
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