KKR buys stake in Malaysia’s Avisena in healthcare push
Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
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Sept 4 : KKR will buy a minority stake in Malaysia’s Avisena Healthcare, deepening the global investment firm’s push into Southeast Asia’s healthcare sector amid rising investor interest.
The investment will drive Avisena’s next phase of growth, including the expansion of multi-specialty offerings at its flagship hospitals in Shah Alam and construction of new greenfield hospitals within the Klang Valley, KKR said on Friday.
KKR declined to provide financial details, including the exact stake and the investment amount, when contacted by Reuters. Avisena did not immediately respond to a request for details.
In August, Reuters had reported that KKR had emerged as a preferred bidder to buy about 20 per cent to 25 per cent of Avisena in a deal that could be worth 300 million ringgit to 400 million ringgit ($74.25 million to $98.97 million).
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KKR’s healthcare portfolio in the Asia Pacific region includes Medical Saigon Group in Vietnam, Metro Pacific Hospital in the Philippines, and Japan’s Topcon Corp among others, according to its website.
Healthcare assets in Southeast Asia are drawing investor interest as rising incomes, ageing populations and demand for private medical treatment have bolstered the sector.
Malaysian conglomerate Sunway’s healthcare unit raised 2.9 billion ringgit in an IPO this year, making it the country’s biggest listing in nine years. TPG has hired banks to explore options for Asia OneHealthcare, including a potential sale or IPO.
($1 = 4.0415 ringgit)
Source: Reuters
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