KANGAR: Perlis Umno has questioned the "too low" amount the state government received when it disposed of its shares, owned via the Perlis Islamic Foundation (YIPs), in KPJ Perlis Hospital.
It said the RM9 million was way below the market value for the shares.
Perlis Umno liaison committee chairman Datuk Rozabil Abd Rahman questioned how the YIPs board of directors chairman, Menteri Besar Mohd Shukri Ramli, had agreed to dispose of shares of Perlis Specialist Hospital Sdn Bhd (PsSHSB), a special purpose vehicle (SPV) that was set up to run the only private hospital in Kangar.
"We wish to ask the YIPs chairman, how much is the actual valuation carried out by the state government or YIPs on the 40 per cent shares that have been sold back to Kumpulan Perubatan Johor Sdn Bhd (KPJSB).
"Did the state government evaluate the land size, its location, existing building, equipment in the hospital and the healthcare business that has been in operation for several years now?
"The disposal of 40 per cent shares at RM9 million indirectly suggests that the value of KPJ Perlis Hospital is just around RM20 million," he told reporters after chairing the Arau Umno division meeting here.
Rozabil claimed that the state government had failed to carry out an effective evaluation as the revenue it earned from the shares disposal did not commensurate with the actual property and asset value of the hospital.
"I believe KPJ Perlis Hospital has medical equipment worth more than RM20 million and this does not include the value of the property, the land and the hospital's business.
"I think, based on the net present value (NPV) with the size of the hospital, the (share) value should have been higher (than RM9 million)," he said.
Rozabil added that he had learnt that YIPs decided to dispose of its shares in PsSHSB to focus on more profitable investment.
"Hence, it is high time for the menteri besar to inform the people in Perlis about its investment plan.
"As for now, we haven't seen any of the investments announced earlier by the state government that have created new jobs in Perlis," he said.
On June 5, the Perlis government, through YIPs, received RM9 million for the disposal of its shares to KPJSB.
For the record, YIPs and KPJSB entered an agreement on July 11, 2011, to develop the first private hospital in Perlis.
Under the collaboration, YIPs provided 1.752-hectare land in Pengkalan Asam, Kangar while KPJSB developed the hospital and provided specialist medical services.
According to the agreement, YIPs held 40 per cent shares while KPJSB held the majority 60 per cent shares in PsSHSB.
