Property developer Naim Holdings Bhd diversifies into the healthcare sector after entering into a joint venture agreement (JVA) with KPJ Healthcare Bhd to design, build and operate a hospital in Sarawak.
“The joint venture represents a diversification of our business portfolio into the healthcare sector and will enable the group to participate in the high growth sector, where the government targets to generate RM35 billion incremental gross national income contribution to reach RM50 billion by 2020,” it said in filing with Bursa Malaysia yesterday.
Naim Holdings said its wholly-owned unit, Naim Land Sdn Bhd (NLSB), had signed a JVA with KPJ Healthcare unit Kumpulan Perubatan (Johor) Sdn Bhd (KPJSB) for a hospital project in Miri, Sarawak.
The JV company (JV Co) will have an initial authorised share capital of RM25 million and an initial paid-up capital of RM19.67 million.
KPJSB will hold 70% of the JV Co and NLSB the balance. KPJSB will be allotted 13.77 million shares or RM13.67 million via a cash injection, to be financed via internally generated funds of the KPJ group.
NLSB will subscribe to 5.9 million shares of JV Co or RM5.9 million via an injection in kind in the form of the four-acre (1.6ha) land.
The land on which the hospital will be built is registered under NLSB.
Under the JVA, Naim Engineering Sdn Bhd will be engaged as the contractor to build and complete the hospital. KPJSB will be the master planner and project manager to advise on the design and technical requirements of the building.
KPJ said the JVA is in line with its objectives to increase its network of hospitals.
It added that the proposed JV would help lower its initial start-up cost in terms of land and constructions costs for the hospital.
Source: www.theedgemalaysia.com
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