KUALA LUMPUR, May 24 -- Sunway Bhd, through its wholly-owned subsidiary, Sunway Holdings Sdn Bhd, has entered into a sales and purchase agreement with the owners of Multicare Pharmacy to acquire a majority stake in Multicare Health Pharmacy Sdn Bhd.
Although the details of the deal was not revealed, the acquisition, which is subject to the completion of certain conditions, is to be undertaken progressively over three tranches and completed only in 2026.
“With the acquisition, we are able to leverage on the combined expertise of Multicare’s operational and pharmaceutical expertise and Sunway’s comprehensive information technology digitalisation platform.
"We are confident that the enlarged pharmaceutical group will be one of the fastest growing retail pharmacy chains and most successful market leader in Malaysia,” Sunway Group president Tan Sri Chew Chee Kin said in a statement here, today.
Sunway entered the retail pharmacy market in 2016 with the establishment of Sunway Pharmacy, which currently has 12 retail outlets in the Klang Valley and one in Johor.
With the proposed acquisition of Multicare’s 76 pharmacy branches across six states in Peninsular Malaysia as of May 2021, the combined group is set to become one of the leading market players in the country.
-- BERNAMA
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