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Malaysia's Khazanah Nasional Bhd sells Mitsui & Co Ltd a 16% stake in IHH Healthcare Bhd worth RMB 8 billion, triggering a restructuring of the sovereign wealth fund's portfolio under a new government.
In separate statements Thursday, Khazanah and Mitsui said the Japanese firm was paying 8.42 billion rupees ($ 2.01 billion) to raise its stake in IHH to 32.9 percent and become the main shareholder of the company. one of the largest private hospital groups in Asia.
Khazanah's share will be reduced to about 26%.
"Divestment is part of Khazanah's strategy to develop the businesses in which we invest and to find the appropriate time and value to create liquidity for our future capital and investment needs," Khazanah's chief executive said. , Shahril Ridza Ridzuan.
Citing sources, Reuters In August, Khazanah announced in his report that the new government of Prime Minister Mahathir Mohamad would reorganize the investment strategy of the sovereign fund and that he could also review his participation in IHH Healthcare.
Bankers say the IHH remains one of Khazanah's best-performing investments, but the fund will face difficulties in selling out stakes in its other Malaysian-focused holding companies.
The transaction is conditional on the conclusion by the health group of a previously announced acquisition of an additional 30% stake in the Turkish health group Acibadem Saglik Yatirimlari Holding ASH shares have increased by 8% early in trading on Thursday after the announcement of the transaction.
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