Singapore, 14 February 2007 ¿ Main Board-listed Pacific Healthcare Holdings, Ltd. ("PHH"), a leading Singapore Healthcare provider offering a comprehensive range of healthcare services, today announced the signing of a Joint Venture Agreement with the private equity division of Kuwait Finance House (Malaysia) Berhad ("KFHMB").
KFHMB and PHH will take a 60% and 40% stake respectively in the joint venture. It is the intention of the parties that KFHMB and PHH will collectively invest up to SGD 32 million either in cash, or through the injection of synergistic businesses, to establish new medical centres in the region. KFHMB and PHH have formalised this with the establishment of Aliph Pacific Pte Ltd whose primary objective is to serve as the investment vehicle for the expansion of healthcare businesses in Asia.
The JV will establish or model these healthcare facilities after PHH's successful Singapore operations, which is the provision of integrated and multi-disciplinary specialist healthcare, including dermatology, dentistry, women's healthcare and diagnostic imaging. The JV also plans to offer hospital management and consultancy.
KFHMB has targeted healthcare as one of its core investment sectors and has identified Pacific Healthcare as an ideal strategic partner. Several promising healthcare projects have been earmarked for the JV and due diligence is currently in process.
"With the growing demand for good specialised healthcare, our strategic partnership with Pacific Healthcare is an important step towards enhancing this sector in the region. Kuwait Finance House has the expertise in Islamic banking and finance, as well as our experience of healthcare ventures in Kuwait and India. We are therefore able to complement the technical know-how and premier quality healthcare services that Pacific Healthcare provides to consumers. The collaboration is indeed in line with our commitment to share our experiences from the Middle East with the various industries in this part of the world," said Mr K. Salman Younis, Managing Director of Kuwait Finance House (Malaysia) Berhad.
Dr William Chong, CEO of Pacific Healthcare said, "Our vision is to create a healthcare company synonymous with medical excellence, professionalism and service quality throughout Asia. We believe that our partnership with Kuwait Finance House will allow us to cement our position as a premier healthcare provider in the region and further expand our brand internationally. Aliph is the first letter in the Arabic alphabet and the choice of the name for the JV company, Aliph Pacific Pte Ltd., reflects our intention to be at the forefront of healthcare".
About Pacific Healthcare Holdings
Incorporated in 2001 in Singapore, Pacific Healthcare Holdings Ltd. is an integrated healthcare provider offering a comprehensive range of healthcare services; encompassing specialist medical care, general practice medicine, dentistry, health screening, wellness services as well as the operation of nursing homes, day surgery centres, and a psychiatric hospital.
Pacific Healthcare aims to be the premier healthcare group in Singapore and Asia, renowned for its Care, Compassion and Medical Excellence. Through a team of more than 100 dedicated professionals and a wide network of clinics and facilities, it focuses on the total health and well-being of patients.
It has operations in Singapore, Hong Kong and Hyderabad and will commence operations in Shanghai shortly, and in Shenzhen and Mumbai by 2Q, 2007. Its competencies lie in Specialist Healthcare, in particular the fields of Plastic Surgery, Cosmetic and Implant Dentistry, Obstetrics and Gynaecology and Cardiology. It is listed on the Mainboard of the Singapore Exchange.
For more information, please visit PHH's website at www.pachealthholdings.com
About Kuwait Finance House (Malaysia) Berhad
Kuwait Finance House is a market leader in the Islamic banking industry, offering a comprehensive range of banking solutions incorporating Corporate, Investment, Commercial and Retail Banking, including Private Equity, all of which are conducted in strict compliance with Islamic law. Kuwait Finance House (Malaysia) Berhad (KFHMB) is a wholly-owned subsidiary of Kuwait Finance House and was officially opened on 17 February, 2006. KFHMB has an initial paid-up capital investment of RM380 million (US$100 million). The Rating Agency of Malaysia last year has assigned respective long and short term general ratings of AA2 and P1 to KFHMB.
For further information on the range of products and services available, please visit KFHMB website at www.kfh.com.my or call +603-2056 7777.
For more information, please contact:
Pacific Healthcare Holdings Ltd
E-mail: [email protected]
Office: (65) 6883 6961
Fax: (65) 6883 6956
Mobile: (65) 9321 3183
Raja Zamilia R. Dato Mansur
Kuwait Finance House (Malaysia) Berhad
E-mail: [email protected]
Office: +603-2055 7898
Fax: +603 2055 7755
Mobile: +6019 286 2944
OakTree Advisers Pte Ltd
E-mail: [email protected]
Office: +65 6100 1811
Mobile: +65 9634 7350