PMV inked a share sale and purchase agreement (SPA) with Petronas’ unit, Petronas Hartabina Sdn Bhd, to acquire a 100% equity interest in the hospital, the sovereign wealth fund said in a statement.

Under the terms of the agreement, Khazanah will acquire PCMC at “an agreed price comparable to market assessment”, payable on completion of the transaction, which is expected by the end of the second quarter 2018.

“We are delighted with this rare opportunity to acquire PCMC.

“We invested in Pantai Holdings Bhd back in 2006, and transformed this platform into what is now known as IHH Healthcare Bhd, the largest emerging market-listed hospitals operator with over 10,000 beds in 10 countries,” said Khazanah managing director Azman Mokhtar.

Khazanah, through PMV, owns a 40.91% stake in IHH Healthcare.

Azman said Khazanah hopes to elevate PCMC into a leading hospital that delivers world-class healthcare in the rapidly-growing field of medical tourism.

In tandem with the signing of the SPA, Khazanah also entered into a term sheet for a collaboration agreement with IHH Healthcare today for shared services support and operational improvement initiatives at PCMC.

The fund said IHH Healthcare would also be given a right of first offer to acquire PCMC during a pre-agreed period.

In a separate statement, Petronas president and group chief executive officer Wan Zulkiflee Wan Ariffin said the national oil firm believed PCMC was ready for its next phase of growth and the transaction would position the hospital to realise its aspiration to become the leading healthcare provider in Asia.