IHH Healthcare to acquire Timberland Medical Centre and build new 200-bed hospital in Kuching, Sarawak
We’re pleased that IHH Healthcare through Pantai Holdings Sdn Bhd (its indirect wholly-owned subsidiary) has signed a share purchase agreement to acquire Timberland Medical Centre (TMC) for RM245m and to build a new 200 bed facility in Central Kuching, Sarawak, to scale the hospital’s operations.
TMC, a Heritas portfolio company, is a leading private medical centre with 82 beds, widely respected and trusted to be a hospital of choice known for its quality, innovation, and compassion. The hospital serves hundreds of thousands of patients and their families each year, many coming from across East Malaysia and Borneo.
The planned completion of the acquisition coincides with the 30th anniversary of the hospital. Since TMC’s founding in 1994 and through many years of continuous improvement and upgrades of our service standards and facilities including the completion of the new wing in 2013. Heritas worked closely with the management team for the planning of the new hospital and led the discussions on the acquisition.
Our CEO and Executive Director Wai Chiew CHIK commented in his capacity as Chairman of TMC’s board, “I am proud that over the years, TMC’s shareholders, board, management, doctors and staff all demonstrated a unity of purpose in stewarding an impact-oriented hospital, promoting healing and well-being to underserved communities while achieving sustainable financial and operational out-performance for the long term. Even throughout the challenging Covid-19 period, we continued to recruit good doctors, plan for the new facility, and strengthen our service offering to lay a solid foundation for the next three decades of growth. As we emerge from the pandemic in a position of strength, we welcome the acquisition by IHH Healthcare to further project and amplify TMC’s impact as a leading hospital to benefit all our stakeholders and patients in Sarawak and beyond.”