IHH makes foray into Myanmar

Its indirect unit is opening US$70mil hospital in Yangon

KUALA LUMPUR: IHH Healthcare Bhd, through its indirect wholly-owned subsidiary, Parkway Healthcare Indo-China Pte Ltd, held a groundbreaking ceremony for a US$70mil, 250-bed hospital in Yangon, Myanmar.

The new hospital, Parkway Yangon, is Parkway Pantai’s first hospital in Myanmar, IHH said in a statement here, yesterday.

The project would be developed and operated by a joint venture consortium – Andaman Alliance Healthcare Ltd (AAHL), comprising Parkway Healthcare Indo-China Pte Ltd (52.0%), Singapore-incorporated Macondray Holdings Pte Ltd (10.5%), Myanmar-incorporated AMMK Medicare Company Lt (21.5%) and Myanmar-incorporated Global Star Company Ltd (16%).

The hospital is located at downtown Yangon on a 1.74ha plot of land leased for 50 years at prevailing market rate, with the option of two 10-year extensions.

This represents a significant commitment to invest in the local community through a “build-operate-transfer” model and investment for the project has obtained approval from the Myanmar Investment Commission, IHH said.

The ground-breaking ceremony of Parkway Yangon was graced by chief minister for Yangon Region, U Myint Swe and Minister for Health, Dr Than Aung.

“This exciting joint venture will bring high-quality healthcare to the people of Myanmar when it opens in 2020.

“Leveraging our more than 40 years experience in operating premium hospitals across nine countries, we are committed to working closely with the local Ministry of Health and our business partners,” managing director and chief executive officer of IHH and group chief executive officer and managing director of Parkway Pantai, Dr Tan See Leng said.

The establishment of Parkway Yangon will be a catalyst for the training of healthcare professionals such as nurses and allied healthcare practitioners and create more job opportunities for the community.

Doctors from Mount Elizabeth Hospital, one of the key hospitals under the Parkway Pantai network, have been actively engaging with specialists in Myanmar in various community outreach initiatives.

Source: The Star Online

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar