Asian hospital giant IHH Healthcare mulls sale of education arm

Stethoscope lying on medical records.

IHH Healthcare Bhd., Asia’s biggest hospital group by market value, is exploring a sale of its medical education arm International Medical University, according to people with knowledge of the matter.

The Malaysian company is working with Rippledot Capital Advisers on the potential deal, the people said. A sale of the education unit could fetch about $300 million, said the people, asking not to be named as the process is private.

Deliberations are ongoing and there is no certainty that IHH will proceed with a transaction, the people said. A representative for IHH declined to comment, adding the company will provide updates if there are any material developments. A representative for Rippledot also declined to comment.

IHH, which operates 80 hospitals from China to Eastern Europe, has been shifting its business strategy under Chief Executive Officer Kelvin Loh Chi-Keon, who joined in 2019. After several years of making acquisitions, management is focusing on extracting value from its existing assets and divestments.

In November it announced the sale of its 50% stake in an Indian joint venture to its partner Apollo Hospitals Enterprise Ltd. for 227 million ringgit ($56 million).

Founded in 1992 as International Medical College, IMU offers more than 20 health professional programs ranging from pre-university to postgraduate across fields from medicine to dentistry. Its main campus is situated in Kuala Lumpur.

The IMU unit generated earnings before interest, taxes, depreciation, and amortization of 75.7 million ringgit in 2020, slightly lower than 87.2 million ringgit in the previous year, according to IHH’s latest annual report.

Bloomberg

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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