PETALING JAYA: Sovereign wealth fund Khazanah Nasional Bhd said today it had agreed to sell a 16% equity stake in IHH Healthcare Bhd to Mitsui & Co Ltd for RM8.42 billion (US$2 billion) in cash.
Khazanah said it entered into an agreement with Japan’s Mitsui to divest 1.4 billion shares in IHH, and that it would remain a large shareholder in the company.
Khazanah’s shareholding in IHH will decrease to 26.05% after the sale, based on the enlarged share capital of IHH after the Malaysian healthcare group completes a 30% acquisition of an additional equity interest in Acibadem Saglik Yatirimlari Holding AS, a Turkey-based healthcare group.
“This transaction forms an important part of the restructuring of Khazanah’s portfolio, and the proceeds raised will be utilised for new investments and capital requirements.
“Khazanah will continue to be a significant shareholder with representation on the board of IHH, and will provide stability to the shareholder base of IHH for the foreseeable future,” it said in a statement.
Managing director Shahril Ridza Ridzuan said Khazanah was committed to supporting the Japanese group and “looks forward to the future success of IHH”.
“The divestment is part of Khazanah’s strategy to grow the businesses that we are invested in and to find the appropriate times and value to create liquidity for our future capital and investment needs,” he added.