Ramsay said there were multiple interest parties, but refrained from divulging further details on them. — Reuters
PETALING JAYA: Ramsay Health Care Ltd and Malaysian conglomerate Sime Darby Bhd
are exploring a sale of their Asia-focused healthcare joint venture (JV), Australia’s largest private hospital operator says.
Reuters had reported in late-March that the companies were planning to revive a sale of the Malaysia-based Ramsay Sime Darby Health Care (RSD) JV in a deal that could value the business at RM6bil.
“The decision has been reached following the receipt of significant inbound interest in RSD at values that are in shareholders’ interests to explore,” Ramsay said.
The company said there were multiple interest parties, but refrained from divulging further details on them.
An earlier effort to sell RSD to IHH Healthcare Ltd fell through last September, soon after a KKR & Co Inc-led consortium withdrew a near US$15bil (RM46.5bil) offer for Ramsay.
IHH, one of Asia’s largest private healthcare groups, had tabled a RM5.67bil offer for RSD, but a binding agreement could not be reached.
RSD reported an 18% jump in earnings before interest, taxes, depreciation and amortisation to RM266mil for fiscal 2022, and has continued to perform strongly in financial year 2023, Ramsay said.
“At this stage, there is no assurance that the sale process will result in a transaction,” Sime Darby said.
RSD was set up in 2013 through an equal JV to expand their healthcare business in South-East Asia.
But since April last year, it has divested the Ramsay Sime Darby Healthcare Educational Services business and sold the day surgery facility in Hong Kong.
Its portfolio consists of 1,530 licensed beds across seven hospitals in Malaysia and Indonesia, according to Sime Darby’s 2022 annual report.
The firm employs 4,500 people. — Reuters
