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29 November 2018

Khazanah to divest 16% of IHH to Mitsui for RM8.42 billion

Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that it has entered into an agreement with Mitsui & Co., Ltd. (“Mitsui”) of Japan, to divest 1,403,087,400 shares in IHH Healthcare Berhad (“IHH”) at RM6.00 per share for a total cash consideration of RM8.42 billion.

The divestment will represent 16% of IHH shares and Khazanah’s shareholding in IHH will decrease to 26.05%. This is based on the enlarged share capital of IHH after the completion of the acquisition of 30% additional equity interest in Acibadem Saglik Yatirimlari Holding A.S by IHH (“Acibadem Acquisition”). IHH announced the Acibadem Acquisition earlier on 8 October 2018.

The transaction is subject to relevant regulatory approvals and the completion of the Acibadem Acquisition.

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.

Khazanah Managing Director, Datuk Shahril Ridza Ridzuan said: “The transaction clearly shows the confidence of Mitsui in the growth of the IHH platform. Khazanah remains committed to supporting the 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.”

Khazanah anticipates the transaction to be completed by Q1 2019.


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