IHH Healthcare submits application to ministry for approval of IMU disposal

Friday, 05 Aug 2022 8:32 PM MYT

KUALA LUMPUR, Aug 5 — IHH Healthcare Bhd has submitted an application to the Ministry of Higher Education (MoHE) to obtain the written approval for the IMU disposal.

In a filing with Bursa Malaysia, the group said the application to the MoHE is for the entering into of an arrangement or agreement to sell or otherwise take action materially affecting the respective businesses of IMU Education and IMC Education relating to education for the change in the equity participation of IMU Education and IMC Education and the respective board of directors of IMU Education and IMC Education.

On June 7, the healthcare group said it will be disposing of its entire stake in IMU Health Sdn Bhd as well as a hospital under construction to two separate buyers for a total initial cash consideration of RM1.35 billion, which is subject to adjustments.

IHH inked a conditional agreement to sell its entire 1.14 million shares in IMU Health, which ultimately operates higher learning institutions, several clinics and a dialysis centre, to Inbound Education Holdings Sdn Bhd (IEHSB).

In conjunction with the disposal, IMU Health’s unit IMU Education Sdn Bhd will dispose of a hospital that is still being constructed in Kuala Lumpur, along with its assets and liabilities, to Columbia Asia Sdn Bhd.

IMU Health owns 100 per cent equity interest in IMU Education, IMC Education and IMU Healthcare. — Bernama