KUAL LUMPUR: Sime Darby Bhd has proposed the establishment of a joint-venture (JV) company known as Ramsay Sime Darby Health Care Sdn Bhd with Australia’s Ramsay Health Care Ltd’s wholly-owned subsidiary, AH Holdings Health Care Pty Ltd.
Sime Darby will inject its healthcare and education business into the JV while Ramsay will inject its Indonesian healthcare business into the JV.
Both parties will have 50% equity in the JV, Sime Darby said in an exchange filing at Bursa Malaysia yesterday.
Ramsay Health Care was established by Paul Ramsay, in Sydney, Australia, in 1964 and has grown to become a global hospital group operating 116 hospitals and day surgery facilities across Australia, the UK, France and Indonesia.
For the six months ended Dec 31, 2012, the group reported a net profit of A$148 million (RM479.67 million). Ramsay Health Care is listed on the Australian stock exchange and its market capitalisation as on Monday was A$6.24 billion.
Sime Darby Healthcare Sdn Bhd undertakes group management services and its subsidiaries are involved in the operation of medical centres, management of hospitals and provision of healthcare and educational services in Malaysia.
On its rationale for the JV, Sime Darby said it was to penetrate and capture growing opportunities in the healthcare sector in Asia.
It also said that it wants to leverage Ramsay Health Care’s core competencies in managing private hospitals, given Ramsay Health Care’s experience in the global healthcare sector.
The JV offers an opportunity for Sime Darby to gain a foothold in the Indonesian healthcare market which has attractive economic and demographic fundamentals in the mid- to long-term.
Sime Darby said the disposal of its 50% stake in Sime Darby Healthcare would result in a possible gain on disposal of RM340 million on the basis that it records its investment in the company at RM596.5 million less incidental costs.
Sime Darby shares closed at RM9.19 before being suspended in yesterday’s afternoon trading session.
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