Business

BLand to lift stake in S'pore medical services firm to 34.3%

KUALA LUMPUR: Berjaya Land Bhd (BLand), through unit Berjaya Leisure (Cayman) Ltd (BL Cayman), will boost its shareholding in Singapore Institute of Advanced Medicine Holdings Pte Ltd (SIAMH) from 21.14% to 34.27%.

The SIAMH group provides medical laboratory services and carries out the business of clinic and other general medical services, sale of pharmaceuticals, surgical and consumables.

In a statement to the stock exchange on Friday, BLand said BL Cayman would first sell its entire 100% stake in Berjaya Investment Holdings Pte Ltd (BIH) – owner of five medical suites located at One Farrer Hotel & Spa in Singapore – to SIAMH for S$2.97mil (RM9.23mil) in cash.

(The suites, the first such facilities in the republic, are medically enabled accommodations with direct access to the facilities of the Farrer Park Hospital. BL Cayman’s cost of investment in BIH is RM1.21mil.)

Concurrent with the proposed disposal, SIAMH will settle the S$11.2mil (RM34.8mil) debt owed by BIH to BL Cayman by issuing new SIAMH shares to the latter.

BL Cayman will also subscribe for additional SIAMH shares for a total of S$3.82mil (RM11.87mil) cash, thus raising its stake in SIAMH to 34.27%.

The proposed subscription forms part of SIAMH’s capital raising exercise to raise funds for its capital expansion project, which includes the construction of a proton therapy centre.

The proton project involves building a cancer treatment centre called the Advanced Medicine Oncology Centre in Biopolis, which is an international biomedical research hub in Singapore.

BLand said the various proposals were expected to be completed by year-end.