New Healthcare Transaction

RNS Number : 6274W

Symphony International Holdings Ltd

01 February 2012

 



Symphony International Holdings Limited Invests in

New Healthcare Transaction

1 February 2012

Symphony International Holdings Limited (LSE:SIHL or "Symphony"), the London listed company that invests in consumer-related businesses in the emerging markets of Asia with a specific focus on luxury branded real estate, hospitality and healthcare ventures has entered into an agreement pursuant to which Symphony Healthcare Holdings Limited, a wholly owned subsidiary of SIHL, will invest US$50 million to acquire a non-controlling minority shareholding in Integrated Healthcare Hastaneler Turkey Sdn Bhd ("IHT"). IHT is the controlling shareholder of Acibadem Saglik Yatirimlari Holding A.S. ("ASYH") and is owned by Integrated Healthcare Holdings Sdn Bhd ("Integrated Healthcare"), the healthcare subsidiary of Khazanah Nasional Berhad ("Khazanah"), the investment holding arm of the government of Malaysia. Completion of the transaction is scheduled for February 8^th 2012.

Symphony has also negotiated an option to convert its investment in IHT into a minority stake in Integrated Healthcare, which will give it further exposure to the fast growing private healthcare sector in Asia and certain other emerging markets.

Integrated Healthcare is one of the largest private healthcare providers in the world.  Its portfolio of healthcare assets, which include Parkway Holdings Limited, ("Parkway"), Pantai Holdings Berhad ("Pantai"), International Medical University ("IMU"), ASYH and a significant shareholding in Apollo Hospitals Enterprises Limited ("Apollo"), give the company a broad footprint of assets in Turkey, Malaysia, Singapore, India and a presence in China, Brunei, Abu Dhabi as well as Central & Eastern Europe.

This latest healthcare investment complements Symphony's existing healthcare portfolio, which currently comprises Parkway Life Real Estate Investment Trust, one of Asia's largest listed healthcare REITs. The Symphony team's strong track record of investing in the healthcare sector started in 1995 with an investment in Apollo Hospitals in India, followed in 1999 by a strategic stake in south-east Asia's largest healthcare provider, Parkway Holdings Limited in Singapore. Two private equity funds managed by the team at Symphony sold their shares in Apollo and Parkway to Khazanah in 2005 and 2008 respectively. In addition, Symphony, which had also invested in Parkway, sold its Parkway shares to Khazanah as part of Khazanah's US$3.5 billion takeover offer to privatise Parkway in Q3 2010, which resulted in Symphony generating a 21.6% IRR on its Parkway investment. Anil Thadani and Sunil Chandiramani were also previously directors of Parkway.

For further information:

Neil Doyle/ Tom Willetts                                                         [phone] / 7175

FTI Consulting

May Nah Chin/ Wrisney Tan                                                   [phone]

August Consulting                                          

About Symphony International Holdings

Symphony International Holdings (LSE:SIHL) is a London listed strategic investment company that invests in consumer businesses and develops luxury branded real estate, hospitality and healthcare ventures which are principally in Asia.  It offers a unique way for investors to gain exposure to the rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and forming long-term business partnerships with talented entrepreneurs. Symphony is managed by Symphony Investment Managers which was founded by Anil Thadani. He is regarded as one of the founding fathers of private equity in Asia and has worked with some of his management team for more than 25 years.

For more information please visit our website at www.symphonyasia.com

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

No representation or warranty is made by the Company as to the accuracy or completeness of the information contained in this announcement and no liability will be accepted for any loss arising from its use.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

 

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