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Annual Report 2013
KPJ HEALTHCARE BERHAD
248
36.
Signi cant events (continued)
(d)
Disposal by Puteri Specialist Hospital (Johor) Sdn Bhd (“PSH”) of two (2) pieces of land
On 8 August 2012, PSH, a subsidiary of the Company, proposed to dispose two (2) pieces of lands, both situated in the town of Johor
Bahru, District of Johor Bahru, State of Johor to Al-‘Aqar Healthcare REIT (“Al-‘Aqar”) for a total consideration of RM3,590,000 to
be fully satis ed in cash.
The proposed disposal is expected to be completed by second quarter of 2014.
(e)
Acquisition by Ipoh Specialist Hospital Sdn Bhd (“ISH”) of 100% equity interest in Sri Manjung Specialist Centre (“SMSC”)
On 12 September 2012, ISH, a subsidiary of the Company, proposed to acquire 100% equity interest in SMSC equivalent to the total
of 900,000 ordinary share of RM1.00 each for a total cash consideration of RM14,250,000.
The proposed acquisition was completed on 23 May 2013.
(f)
Joint Venture between Kumpulan Perubatan (Johor) Sdn Bhd (”KPJSB”) and UTM Holdings Sdn Bhd (”UTM Holdings”)
On 27 September 2013, KPJSB signed a Joint Venture Agreement (“JVA”) with UTM Holdings Sdn Bhd for the purpose of designing,
developing, building, completing and owning, and subsequently operating a private hospital on a portion of the leasehold land held
under HSD 46692, Lot No. PTD No 95180, Mukim Kulaijaya, Johor.
(g)
Acquisition by Kumpulan Perubatan (Johor) Sdn Bhd (”KPJSB”) of Land and Menara 238 (”Property”) from Danaharta Hartanah
Sdn Bhd (“DHSB”)
On 11 September 2012, KPJSB and DHSB entered into a tenancy agreement whereby DHSB granted KPJSB the option to purchase
the Property for a total cash consideration of RM206,000,000.
On 16 October 2013, KPJSB exercised its option to purchase and therefore entered into a conditional sale and purchase agreement
(”SPA”) with DHSB pursuant to the proposed acquisition.
The proposed acquisition was completed on 10 February 2014.
(h)
Acquisition by Kumpulan Perubatan (Johor) Sdn Bhd of 100% equity in BDC Specialist Hospital Sdn Bhd (”BDCSHB”)
On 6 November 2013, KPJSB entered into a conditional Share Sale Agreement with Usaha Cendera Sdn Bhd (formerly known as
Usaha Cendera Cerah Sdn Bhd) for the acquisition of 2 ordinary shares of RM1.00 each in BDCSHSB which is equivalent to 100%
of the equity of BDCSHSB for a total cash consideration of RM16,516,144.
BDCSHSB is the registered owner of all that parcel of leasehold land described as Lot 18807 Block 11, Muara Tebas Land District
located at Stampin, Kuching, Sarawak measuring approximately 1.918 hectares. Henry Butcher in their valuation report dated 11
December 2012 has valued the Land based on the market value of RM16,590,000.
Upon the completion of the Proposed Acquisition, BDCSHSB will be a wholly-owned subsidiary of KPJSB.
The proposed acquisition is expected to complete in the rst quarter of 2014.
Notes to the
Financial Statements
For the financial year ended 31 December 2013
(continued)