LONDON--(BUSINESS WIRE)--
This announcement is for our U.S. $5,000,000,000 Euro Medium Term Note Programme authorized by UKLA on 8th September 2011.
Mitsui & Co., Ltd. ("Mitsui"; head office: Tokyo; President and CEO: Masami Iijima) has agreed to an acquisition of shares in the holding company for a Turkish private healthcare group (“Acibadem”) by Integrated Healthcare Holdings Sdn. Bhd (“IHHSB,” in which Mitsui holds a 30% stake through its subsidiary MBK Healthcare Partners Limited (“MBKHP”)). IHHSB will acquire a 60% stake in Acibadem through a combination of cash payment and an exchange of newly-issued IHHSB shares with Acibadem shares. Due to the issuing of IHHSB’s new shares, it is envisaged that MBKHP’s shareholding in IHHSB will be diluted from 30% to 26.6%.
Acibadem is the leading Turkey’s private healthcare group, running 14 hospitals (over 1,800 beds) and 8 medical centers. In addition to its hospital business, Acibadem will also operate healthcare-related businesses such as hospital food service, hospital planning and design.
Mitsui invested in IHHSB in May 2011 through MBKHP. In Asia, where an increase in healthcare demand is expected, Mitsui is working to expand its network of hospital business platform and healthcare-related business as well as to explore new business opportunities in the peripheral market with IHHSB. In addition to Singapore and Malaysia, Mitsui aims to expand its healthcare business through IHHSB in Asian countries such as China, and at the same time, to develop a business platform in the Middle East through its healthcare-related business in Turkey, where the rapid growth of healthcare demand is expected as a result of population growth, aging, economic growth and changes in lifestyle.
The above transaction is not expected to have any significant impact on Mitsui’s consolidated performance for the fiscal year ending March 31, 2012.
1. Acibadem Shareholders and ownership
| Pre-Closing | Post-Closing | |||||
| Aydinlar family (founder’s family) | 50 | % | 25 | % | ||
| Abraaj Capital (through SPC) | 50 | % | - | |||
| IHHSB (through SPC) | - | 60 | % | |||
| Khazanah National (through SPC) | - | 15 | % | |||
| Total | 100 | % | 100 | % | ||
2. IHHSB Shareholders and ownership
| Pre-Closing |
Post-Closing
(expectation) |
||||
| MBKHP (Mitsui subsidiary) | 30 | % | 26.6 | % | |
| Others | 70 | % | 73.4 | % | |
| Total | 100 | % | 100 | % | |
3. Companies Outline
(1) MBKHP (Mitsui subsidiary)
| Company name | MBK Healthcare Partners Limited |
| Location | United Kingdom |
| Main business | Investment in IHHSB |
| Shareholders and ownership | Mitsui 100% |
(2) IHHSB
| Company name | Integrated Healthcare Holdings Sdn. Bhd |
| Location | Malaysia |
| Main business | Healthcare-related business throughout Asia, including hospital operation and contract management, operation of medical education institutions, and consigned clinical trials. |
| Shareholders and ownership | See 2 above |
(3) Acibadem
| Company name | Acibadem Saglik Yatirimlari Holding |
| Location | Turkey |
| Main business |
Holding company operating (1) as major subsidiary. Acibadem will
acquire (2) and (3) as wholly-owned subsidiaries, following this
transaction.
(1) Acibadem Opco (Acibadem Saglik Hizmetleri ve Ticaret A.S.), listed (Market Cap: TL 2.39 billion as of Dec. 21, 2011). Located in Turkey. Hospital business, clinical examinations, air ambulances, remote treatment etc. (2) APlus (APlus Hastane Otelcilik Hizmetleri A.S.), non-listed. Located in Turkey. Hospital food service, facilities management etc. (3) Proje (Acibadem Proje Yonetimi A.S.), non-listed. Located in Turkey. Planning and design of hospitals etc. |
| Shareholders and ownership | See 1 above |
(4) Khazanah National
| Company name | Khazanah National Bhd | |
| Location | Malaysia | |
| Main business | State-owned investment company with the aim of making strategic investments in new markets and new industries | |
| Shareholders and ownership |
Ministry of Finance, Malaysia 100%
(1 share held by the Malaysian Federal Lands Commissioner) |
(5) Abraaj Capital
| Company name | Abraaj Capital | |
| Location | UAE | |
| Main business | Emerging markets private equity manager |
For diagrams omitted, please see our homepage.(http://www.mitsui.com/jp/en/release/2011/1197110_1803.html)