KUALA LUMPUR: KPJ Healthcare Bhd, Malaysia's largest private health provider, has announced the disposal of its Australian aged care business by subsidiaries Jeta Gardens (Qld) Pty Ltd and Jeta Gardens Aged Care (Qld) Pty Ltd.
The company said the strategic realignment enabled it to reinforce its commitment to the Malaysian healthcare market.
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 A$6.17 million.
"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," KPJ Healthcare president and managing director Chin Keat Chyuan said in a statement.
He added that the move will allow the company to be in a better position to leverage emerging opportunities, enhance its responsiveness to market dynamics, and accelerate 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," it said.
