<article>A wholly owned subsidiary of Malaysia&#8217;s sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=Khazanah%20Nasional">Khazanah Nasional</a> is acquiring private healthcare facility <a href="https://www.dealstreetasia.com/?s=Khazanah%20Nasional">Prince Court Medical Centre</a> (PCMC) from <a href="https://www.dealstreetasia.com/?s=Petronas">Petronas</a> for an undisclosed amount.</article>

A wholly owned subsidiary of Malaysia&#8217;s sovereign wealth fund <a href="https://www.dealstreetasia.com/?s=Khazanah%20Nasional">Khazanah Nasional</a> is acquiring private healthcare facility <a href="https://www.dealstreetasia.com/?s=Khazanah%20Nasional">Prince Court Medical Centre</a> (PCMC) from <a href="https://www.dealstreetasia.com/?s=Petronas">Petronas</a> for an undisclosed amount.
In a statement posted on its website, Khazanah said it will acquire PCMC via its wholly owned subsidiary Pulau Memutik Ventures at an agreed price comparable to market assessment.
“Khazanah will leverage all of its experience and expertise to transform PCMC into a world-class medical tourism focused hospital, and work towards turning Kuala Lumpur into a destination of choice for quality healthcare in the region,” the wealth fund said.
Founded in 2007, PCMC is a 270-bed private healthcare facility located in the heart of Kuala Lumpur. It provides healthcare services in the areas of anesthesiology, breast and endocrine surgery, cardiology, cardiothoracic surgery, endocrinology, gastroenterology, general surgery, maxillofacial surgery, and nephrology, as well as ear, nose, and throat surgeries.
Khazanah said the acquisition marks another milestone in its mission to “build up the healthcare services sector in Malaysia”. It expects the transaction to be completed by end of the second quarter of 2018.
In addition to the acquisition, Khazanah has also entered into a term sheet for a collaboration agreement with IHH Healthcare, a Malaysian-Singaporean private healthcare group focused on upmarket health services.
The deal is for shared services support and operational improvement initiatives at PCMC. According to Khazanah’s announcement, IHH will be given a right of first offer to acquire PCMC during a pre-agreed period.
According to business consulting firm Frost &amp; Sullivan, healthcare industry spending in Malaysia is expected to reach about RM80 billion ($20.4 billion) by 2020 from RM52 billion ($13.3 billion) at the end of last year.
The growth will be fuelled by increasing demand for healthcare services, and the emergence of new care models beyond traditional hospital settings, the firm said.
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Khazanah has also entered into an agreement with IHH Healthcare under which the latter will be given a right of first offer to acquire the hospital during a pre-agreed period.

Malaysian wealth fund Khazanah buys healthcare facility from Petronas

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