Khazanah today announced that it has entered into a conditional agreement to acquire an indirect interest in IMU Education Sdn Bhd (formerly known as Sesama Medical College Management Sdn Bhd) (“IMU”). IMU owns and manages the International Medical University.
The proposed acquisition would be implemented by Khazanah’s subscription of ordinary shares in Pintar Selalu Sdn Bhd (“PSSB”) pursuant to a conditional Subscription Agreement (“SA”).
PSSB has entered into a conditional Share Sale Agreement (“SSA”) to acquire all the shares of IMU from the existing IMU shareholders.
Khazanah will acquire PSSB’s existing two ordinary shares for RM1.00 per share and this, together with the subscription of 674,998 new ordinary shares in PSSB for RM97,875,000, would result in Khazanah holding a 67.5% interest in PSSB.
The International Medical University is Malaysia’s premier private medical university, offering students a high quality medically-related education alternative to studying abroad. Founded by a team of academicians 15 years ago, the University today boasts a population of over 1,800 students, undertaking degree programmes in Medicine, Pharmacy and Nursing and postgraduate programmes in Medical Sciences and Community Health by research. The International Medical University was the first private university in Malaysia to confer an MBBS degree. In partnership with 25 Partner Medical Universities, students can also graduate with degrees in Medicine from prestigious, internationally recognized medical schools in Australia, Canada, Ireland, New Zealand, the United Kingdom and United States of America.
The investment in IMU is part of Khazanah’s healthcare strategy, and is in line with other acquisitions that have been made in the last 15 months. IMU is a complementary asset for Khazanah’s investments in Pantai Holdings Berhad and Apollo Hospitals Enterprise Ltd and addresses a strategic national objective in terms of the training of high quality medical personnel in Malaysia, particularly doctors and nurses.