Malaysia's Sime Darby to sell stake in Asia JV for $1.2 bln (updated)

Ramsay Health Care

10/11/2023 11:16

(Updates with details on agreement in paragraphs 2-4)
       Nov 10 (Reuters) - Malaysian conglomerate Sime Darby
 SIME.KL  said on Friday it will sell its stake in Ramsay Sime
Darby Health Care, its Asia-focused healthcare joint venture
with Australia's Ramsay Health Care  RHC.AX , for 5.7 billion
ringgit ($1.21 billion).
    Sime Darby Holdings, a unit of Sime Darby, entered into the
sale and purchase agreement with Malaysian hospital chain
Columbia Asia Healthcare to mark its exit from the healthcare
business.
        The deal will enable Sime Darby to unlock the value of
its healthcare assets, which have previously been deemed
non-core, with a 2 billion ringgit gain on disposal of the
stake, the company said in a statement.    
    Sime Darby expects the agreement to be completed in the
third quarter of fiscal 2024.
        
  
       
  

($1 = 4.7060 ringgit)

 (Reporting by Upasana Singh in Bengaluru; Editing by Sonia
Cheema)
 ((Upasana.Singh@thomsonreuters.com;))