BUSINESS

KPJ HEALTHCARE AIMS TO EXIT AUSTRALIAN MARKET WITHIN 2 YEARS

20/02/2024 06:55 PM

KUALA LUMPUR, Feb 20 (Bernama) -- KPJ Healthcare Bhd aims to exit the Australian healthcare market within two years, according to its president and managing director Chin Keat Chyuan.

Currently, he said that the company operates the retirement village business in that market after selling its aged-care operations in December 2023.

“We have not found a buyer yet. Hopefully, within the next 12 to 24 months, once we find a buyer, we will conclude the business and exit Australia,” he told reporters after the fourth quarter 2023 financial result announcement at KPJ Ampang Puteri Specialist Hospital today.

Chin said the company will continue to evaluate all its international operations while shifting its focus solely on Malaysia.

He said that when considering whether or not to continue a business in one particular location or country, the company always evaluates its feasibility, viability, and scalability. 

In addition to Australia, KPJ Healthcare has overseas businesses in Bangladesh and Thailand, and just last year, it exited the Indonesian market. 

Chin said that the business in Bangladesh has been performing well with no losses.

“So it is business as usual for now. But in the long run, we are considering whether to continue business there. We are conducting an assessment on the feasibility, viability, and scalability over there,” he said.

As for Thailand, Chin said that the business is currently profitable.

“We only invest there and we do not operate anything. We have no other investments besides injecting capital. So, currently, we are going to keep the business there,” he said. 

In 2023, KPJ Healthcare successfully finalised the sale of its hospital operations in Indonesia, Rumah Sakit Medika Bumi Serpong Damai, to PT Nusautama Medicalindo, resulting in total cash proceeds of RM156.7 million.

“That is the extent of our international business. So, 95-98 per cent of our business moving forward will be in Malaysia.

“We have a total of 29 hospitals here in Malaysia, and one is currently under construction. Why build more hospitals overseas when we can bring patients to Malaysia and utilise our facilities and manpower here,” he added.

-- BERNAMA


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