KUALA LUMPUR: IHH Healthcare Bhd has proposed the disposal of IMU Health Sdn Bhd and IMU Hospital for an initial cash consideration of RM1.35bil.

       In a filing with Bursa Malaysia, the healthcare group said under a conditional share sale agreement, it will dispose of 1.14 million shares, the entire equity interest, in IMU Health to Inbound Education Holdings Sdn Bhd, a company controlled by Hong Leong Healthcare Group Sdn Bhd,

       The Rise Fund Inbound SF Pte Ltd and the Employees Provident Fund. IHH will transfer the ownership of the IMU Hospital to a newly incorporated holding company for sale to Columbia Asia Sdn Bhd.

       IMU Health owns the entire issued share capital of IMU Education Sdn Bhd, IMC Education Sdn Bhd, IMC Healthcare Sdn Bhd and IMU Healthcare Sdn Bhd.

       IMU Healthcare in turn owns a 60% stake in IMU Dialysis Sdn Bhd while IMU Education holds IMU Hospital and its facilities. The proposed disposals were in line with its stated strategy of divesting its non-core assets and recycling IHH’s capital by deploying the proceeds to grow its core healthcare delivery services business.

       “The cash proceeds from the proposed disposals will be utilised towards general corporate purposes including debt repayment, capital expenditure as well as mergers and acquisitions, investments and working capital,” it added.