PETALING JAYA: Sinmah Capital Bhd’s 70%-owned indirect subsidiary Sinmah Amegajaya Healthcare Sdn Bhd proposes to acquire a five-acre piece of land from Sime Darby Property (City of Elmina) Sdn Bhd for RM32.67 million.
Sinmah Amegajaya plans to build a university hospital and a hospital-related building on the land. It must first obtain a confirmation from the Health Ministry within six months on the zoning of the land for hospital purpose prior to the execution of the share purchase agreement (SPA).
In a separate filing, Sinmah said its sub-subsidiary SAH Medical Center Sdn Bhd has terminated its plans for an integrated public-private university hospital (IPPUH) in Nilai, Negri Sembilan.
“The reason for the termination is the breach by the vendor of certain terms in the SPAs whereby the market values of the properties have been devalued as a result of the removal of various fittings, furnishing and/or furniture in and on the properties.”
SAH Medical is seeking for a refund of deposits and first payments totalling RM2.74 million as well as liquidated damages amounting to RM2.7 million from the vendor.
“At the same time, SAH Medical is considering all its options including negotiations to reacquire the properties at a purchase consideration to be determined, and will make the necessary announcements in the future,“ it added.
On Jan 17, 2019, SAH Medical had entered into two agreements with vendor The Aston Holiday Sdn Bhd to aquire a property in Nilai for RM27 million, which will be redeveloped into a 200-bed IPPUH. Subsequently, SAH Medical had on July 31, 2019 entered into supplemental agreements with the vendor to vary certain terms and conditions of the agreements.
