IHH announces retirement of CEO, refinancing of Turkish debt

(From left) Outgoing CEO Dr Tan See Leng, chairman Mohammed Azlan Hashim and chief financial officer Low Soon Teck speaking to the media after IHH Healthcare Berhad’s AGM today.

KUALA LUMPUR: Asia’s largest healthcare company, IHH Healthcare Berhad, today announced the retirement of its chief executive officer, Dr Tan See Leng, after 15 years with the company.

The announcement was made by company chairman Mohammed Azlan Hashim after he chaired its 9th annual general meeting here today.

IHH, which has 83 hospitals in 12 countries, posted an after-tax profit of RM1.03 billion for the 2018 financial year, 73% higher than previously.

“We are looking at managing our non-Turkish lira exposure by refinancing some of our US dollar denominated debt.

“We will refinance some US$250 million debt to manage our exposure to currency fluctuations,” Tan said at the press briefing.

He said IHH’s recent acquisition of Fortis in India provided it an inroad to the fastest growing healthcare market in the world.I

The company owns a 31.1% stake in Fortis, which operates 32 healthcare facilities in India, Dubai, Mauritius and Sri Lanka.

Apart from consolidating its business in its four home markets of Malaysia, Singapore, Turkey and India, IHH plans to expand into Greater China, Tan said.

Since its listing in 2012, the company has consistently achieved a growth rate of 10% for its revenue and earnings.