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KUALA LUMPUR: Khazanah Nasional Bhd has confirmed StarBiz's report that it has entered into an agreement with Japan's Mitsui & Co Ltd to sell its stake in IHH Healthcare Bhd 
, marking the beginning of an asset rationalization exercise.
In a statement released Thursday, Khazanah announced that it would sell 1.4 billion shares, or 16% stake in IHH Healthcare Bhd, to Mitsui & Co Ltd, for 6 RMB per share against 8.42 billion cash.
Following the divestment, Khazanah's stake in IHH will decrease to 26.05% based on IHH's enlarged capital following the completion of the acquisition of 30% of the additional stake in Acibadem Saglik Yatirimlari Holding AS by IHH .
The transaction is subject to regulatory approvals and the completion of the acquisition of Acibadem, announced earlier on October 8.
"This transaction is an important part of the restructuring of Khazanah's portfolio, and the resulting proceeds will be used for new investments and capital requirements.
"Khazanah will continue to be a major shareholder with representation on the IHH Board of Directors and will bring stability to the IHH shareholders base for the foreseeable future," he said. he declared.
"The transaction clearly demonstrates Mitsui's confidence in the growth of the IHH platform. Khazanah remains committed to supporting the group and looks forward to the future success of IHH.
"Divestment is part of Khazanah's strategy to expand the businesses in which we invest and to find the right time and value to create liquidity for our future capital and investment needs," said Datuk Shahril Ridza Ridzuan, General Manager of Khazanah.
The transaction is expected to be completed by the first quarter of 2019.
Click here to read StarBiz's exclusive report on Asset Rationalization:
Khazanah should sell 10% of IHH's capital to Japanese Mitsui
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