Logo of Phnom Penh Post newspaper Phnom Penh Post - Ramsay, Sime Darby join forces in Asia

Ramsay, Sime Darby join forces in Asia

Ramsay, Sime Darby join forces in Asia

Ramsay Health Care, Australia’s biggest operator of private hospitals, has agreed to an equal joint venture with Sime Darby Bhd to manage their Asian health-care assets.

Ramsay’s three hospitals in Indonesia would be combined with Sime Darby’s Malaysian assets, the Sydney-based company said in a statement to the Australian stock exchange.

Under the deal, expected to be completed by July 1 subject to regulatory approval, Ramsay will buy 50 per cent ownership in Ramsay Sime Darby Health Care through its Indonesian assets and cash totaling about A$120 million ($126 million).

Ramsay chief executive Chris Rex said the joint venture would provide a platform for expansion and further acquisitions in Asia after Ramsay posted its slowest pace of revenue expansion in six semi-annual periods.

Sime Darby chief executive Mohd Bakke Salleh said the combination would help the company strengthen its health-care business and enter new markets.

Ramsay gained 1.9 per cent to close at A$31.50 in Sydney before the announcement.

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