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KUCHING, Aug 11: IHH Healthcare Berhad, through its indirect wholly-owned subsidiary Pantai Holdings Sdn Bhd, is in the process of acquiring Timberland Medical Centre (TMC) located at Jalan Rock here and build a new 200-bed hospital.
In a media release, the company said a share purchase agreement had been signed between Pantai Holdings Sdn Bhd and TMC shareholders, including nine founding doctors, yesterday (Aug 10) for the acquisition of the entire equity interest to be fully satisfied in cash.
The acquisition is expected to be completed by the first half of 2024, subject to regulatory approvals and satisfaction of conditions precedent in accordance with the agreement.
Founded in 1994, TMC is now a leading private medical centre with 82 beds, serving hundreds of thousands of patients and their families each year, many coming from across East Malaysia and Borneo seeking quality treatments from the centre’s 60 resident and visiting consultants.
In planning for the next 30 years of TMC’s growth and development, TMC has earmarked vacant land in central Kuching to construct a 200-bed new hospital with larger and more comprehensive facilities to meet the expected growth in medical tourism of Sarawak.
“My co-founders and I are pleased that IHH Healthcare has decided to acquire TMC and help scale its operations via the proposed 200-bed new hospital.
“Since its founding 30 years ago, TMC has steadfastly built itself into a trusted brand of quality and affordable healthcare throughout Sarawak, Borneo and beyond, and we look forward to seeing our next generation of highly skilled doctors continue serving even more patients with compassion and dedication in the new facility,” said Dr Tiong Tung Hui, co-founder, Board director, and Exo member of TMC.
“Over the past 30 years, TMC has grown consistently as a respected and independent private healthcare provider, now home to 60 residents and visiting consultants with diverse specialists and multiple centres of excellence meeting the needs of patients with high ethical and clinical standards.
“We see a timely opportunity to tap IHH Healthcare’s expertise to further expand into new sub-specialists and attract leading doctors, further reinforcing TMC’s leadership in Sarawak’s medical tourism market,” said Dr Denis Yu Hee Yong, co-founder, Exco member, and Medical Director of TMC. — DayakDaily
