Ramsay Health Care's sale of Asian joint venture cleared by FIRB
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The news: Private hospital operator Ramsay Health Care has received clearance from the Foreign Investment Review Board for the $2 billion sale of its Asian joint venture.
Ramsay is selling its 50:50 venture, Ramsay Sime Darby Health Care, to Columbia Asia Healthcare.
The numbers: Ramsay said the net profit after tax on the sale of its joint venture stake will be $630 million. Proceeds will help pay down drawn debt.
The context: The hospital operator in June revealed it was exploring the sale of its joint venture stake. Ramsay said there had been interest from other parties and it was in shareholders' interest to explore a sale.
Ramsay Sime Darby Health Care has hospitals in Indonesia and Malaysia.
The source: Ramsay Health Care
