Malaysia’s state-owned Johor Corp exploring options for KPJ Healthcare

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Johor Corp., a Malaysian state-owned investment company, is weighing strategic options for health-care provider KPJ Healthcare Bhd., according to people with knowledge of the matter.

The investment arm of the Johor state government is seeking ideas from potential advisers, said the people. Options could include bringing in an investor with experience in the sector or a merger with another hospital operator, said the people, who asked not to be identified as the process is private.

Johor Corp. has indicated that it would want to maintain its controlling stake in any deal for the Kuala Lumpur-listed firm, said one of the people. It owns 38.7% of KPJ, according to data compiled by Bloomberg.

Deliberations are at an early stage and there is no certainty that a transaction will result, said the people.

Ahmad Shahizam Mohd Shariff, KPJ president and managing director, said management’s transformation plans to re-energize and grow its businesses were recently approved by the board. The board includes representatives of some of KPJ’s main institutional shareholders, including Johor Corp., he said. A representative for Johor Corp. referred Bloomberg to KPJ’s response.

KPJ, which has a market value of 4.1 billion ringgit ($1 billion), started in 1981 as the first specialist private hospital in Johor, according to its website. Today, it has more than 28 specialist hospitals located throughout the Southeast Asian nation. The health-care provider also has investments in hospitals in Indonesia, Bangkok and Bangladesh as well in a retirement resort in Australia.

Shares in KPJ fell as much as 2.6% in Kuala Lumpur on Wednesday. They have declined 4.5% in the year to date.

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 to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • 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. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.