PRESS RELEASE
IHH acquires 51% stake in India’s Continental Hospitals
23 March 2015 – IHH Healthcare Berhad (IHH), the parent company of Parkway Pantai Limited, is pleased to announce the acquisition of a 51% stake in Continental Hospitals Limited for INR 282 crores. Continental Hospitals operates a state-of-the-art facility in Hyderabad offering multi-specialty tertiary and quaternary care services. The facility has a capacity of 750 beds with 250 operational beds currently.
Dr Tan See Leng, Managing Director and Chief Executive Officer of IHH and Group Chief Executive Officer and Managing Director of Parkway Pantai, commented, “The acquisition is in line with IHH’s strategy of focusing on key emerging markets in Asia. We view significant growth potential for premium quality healthcare services in India given the large demand-supply mismatch. Additionally, Hyderabad is an important tier 1 city and the medical hub of Central India.”
Dr Guru Reddy, Chairman of Continental Hospitals, stated, “We are delighted to partner Parkway Pantai, a leading healthcare provider in Asia. By leveraging Parkway Pantai’s experience, we will set new benchmarks in healthcare services.”
Ramesh Krishnan, Head of Middle East and South Asia Operations of Parkway Pantai, added, “We are impressed with Dr Guru Reddy’s vision in creating a world-class facility and assembling top-notch clinical talent. The hospital is JCI accredited which is the highest benchmark for commitment to quality and patient safety internationally. That this has been achieved within two years of the hospital opening is an unparalleled achievement.”
Parkway Pantai is one of Asia’s largest integrated private healthcare group with a network of 20 hospitals and more than 4,000 beds throughout Asia including Singapore, Malaysia, Brunei, China, India and Vietnam. The Group operates a suite of Singapore’s premier private hospitals including Mount Elizabeth and Gleneagles hospitals.
Continental Hospitals and its promoters were exclusively advised by Veda Corporate Advisors on the transaction.
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About IHH Healthcare Berhad
IHH Healthcare Berhad (IHH) is a leading premium healthcare provider in markets where the demand for quality care is strong and growing. We are the second largest healthcare group in the world by market capitalisation and are listed on the Main Market of Bursa Malaysia and Main Board of SGX-ST.
Our companies offer the full spectrum of integrated healthcare services from clinics to hospitals to quaternary care and a wide range of ancillary services including medical education. We are the leading player in our home markets of Singapore, Malaysia and Turkey, and key markets of the People’s Republic of China (PRC), Hong Kong and India. We are also present in Vietnam, Brunei, the UAE, Macedonia and Iraq.
We employ more than 25,000 people and operate approximately 7,000 licensed beds across 38 hospitals worldwide. Our “Mount Elizabeth”, “Gleneagles”, “Pantai” and “Acibadem” brands are among the most prestigious in Asia and Central and Eastern Europe, with a growing presence in the Middle East and North Africa. For more information, please visit www.ihhhealthcare.com
About Parkway Pantai
Parkway Pantai Limited, part of IHH Healthcare Berhad, is one of the region's largest integrated private healthcare groups with a network of 20 hospitals and more than 4,000 beds throughout Asia, including Singapore, Malaysia, Brunei, India, China and Vietnam. By 2017, Parkway Pantai will have more than 2,000 additional beds from opening five new hospitals and expanding capacity in its existing hospitals.
In Singapore, the Group operates a suite of Singapore's premier private hospitals: Mount Elizabeth Novena Hospital, Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital - all accredited by Joint Commission International (JCI). It also owns Parkway Shenton, a large network of primary healthcare clinics and services, ParkwayHealth Radiology and ParkwayHealth Laboratory.
In Malaysia, the Group owns and operates ten Pantai Hospitals, two Gleneagles Hospitals and ancillary healthcare services including Pantai Integrated Rehab and Pantai Premier Pathology.
Parkway Pantai Limited also operates more than 20 patient assistance centres across the globe, providing patients with seamless patient care and a one-stop referral source to its hospitals and services. For more information, please visit www.parkwaypantai.com