KPJ Healthcare Berhad (“KPJ Healthcare” or the “Group”), Malaysia’s largest private healthcare provider, has announced the divestment of its Australian aged care business by its subsidiaries, Jeta Gardens (Qld) Pty Ltd (“Jeta Gardens”) and Jeta Gardens Aged Care (Qld) Pty Ltd (“JGAC”). This strategic realignment enables the Group to reinforce its commitment to the Malaysian healthcare market.
Jeta Gardens, part of KPJ Healthcare’s diverse portfolio, has served as a testament to its international reach in providing quality aged care services in Queensland, Australia. The disposal involves the sale and transfer of selected assets and liabilities related to the business, resulting in an expected gain from the extinguishment of net liabilities amounting to AUD 6.171 million (approximately RM 18.938 million). This aligns with the Group’s strategy to optimise operational efficiency and focus on growth opportunities within Malaysia.
“KPJ Healthcare is embarking on a strategic transformation with a clear goal – to strengthen our core services on home turf, where we have built a legacy of trust and excellence for over 40 years,” stated Chin Keat Chyuan, President and Managing Director of KPJ Healthcare.
“We believe this move will allow us to be in a better position to leverage emerging opportunities, enhance our responsiveness to market dynamics, and accelerate our overall growth trajectory. This strategic realignment is in tandem with our commitment to delivering exceptional value to our stakeholders and solidifies our dedication to excellence within our primary market,” added Chin.
The disposal is expected to be completed in the first quarter of 2024. The purchaser will take on the assumed liabilities at the point of completion.
