KUCHING: Property developer Ibraco Bhd plans to diversify and venture into private medical services.
Ibraco has teamed up with BNDM Incorporated Holdings Sdn Bhd (BNDM) and incorporated a joint-venture company – NorthBank Specialist Hospital Sdn Bhd (NSH).
Ibraco and BNDM each has a 50 percent equity interest in NSH,with an initial paid-up capital of RM2.
“The intended principal activity of NSH is to operate a private hospital to provide health care services,” Ibraco said in a filing with Bursa Malaysia.
BNDM is the private business vehicle of Datuk Richard Wee Liang Chiat, son of prominent businessman the late Datuk Amar Wee Hood Teck.
In 2011,BNDM sold its 49 percent stake in Eastern Oxygen Industries Sdn Bhd (EOX),a leading industrial gas manfacturer, to Malaysian Oxygen Bhd, a member of the Linde Group (MOX-Linde).
BNDM is currently the single largest shareholder of shipping firm Hubline Bhd, with a 31.92 percent stake. Wee is Hubline’s non-executive vice-chairman.
Ibraco’s plan to go into private medical service represents the second major diverisifcation the property developer has taken in the past 13 months.
In March 2018,Ibraco announced its new venture into international educational services by collaborating with HELP Education Services Sdn Bhd and CMS Education Sdn Bhd in setting up the proposed Tunku Putra – HELP International School in the NorthBank.
Ibraco expects its capital expenditure in this new education segment to be about RM50 million. The new school project is expected to be completed by end-2019.
The NorthBank is Ibraco’s newest integrated development project on 123 acres of land along Kuching-Samarahan Expressway.
NorthBank’s first project called Nova 72 was launched a year ago.With a gross development value (GDV) of more than RM80 million, Nova 72 comprises of 50 units of double-storey terraced houses,14 units of double-storey semi-detached houses and eight units of three-storey semi-detached houses.
The NorthBank Business Exchange – a proposed new business and commerical zone in the NorthBank – was launched two weeks ago with its first commercial project The project comprises 23 units of shop offices fronting Tabuan Tranquility, which is Ibraco’s flagship development.
Construction work for the proposed shop offices is underway for completion in 2022.
