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Thu 29 Nov 2018 – 09h59
In separate statements on Thursday, Khazanah and Mitsui said the Japanese company was paying this amount to raise its stake in IHH to 32.9 percent and become the largest shareholder of one of the largest private hospital groups in the country. Asia. Khazanah's participation 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 reported in August that Khazanah was likely to reduce its holdings in leading companies when Prime Minister Mahathir Mohamad's new government would revise the sovereign fund's investment strategy and that it could also review its 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 A.S.
IHH shares jumped 8.2% in early Thursday trading to $ 1.85 before the announcement of the deal, starting Wednesday's close of $ 1.71. The wicket traded up 5.3% to $ 1.80 at 9:55.
REUTERS
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