KUALA LUMPUR (Jan 13):Property developer S P Setia Bhd's wholly-owned subsidiary Setia HC Ventures Sdn Bhd had on Wednesday (Jan 12) incorporated wholly-owned unit Setia City Healthcare Sdn Bhd to develop and operate an ambulatory care centre.

"Setia City Healthcare is incorporated under the Companies Act 2016 as a private company limited by shares with an issued and paid-up share capital of RM100 comprising 100 ordinary shares," S P Setia said in a Bursa Malaysia filing on Wednesday.

S P Setia did not elaborate.

The incorporation of Setia City Healthcare to develop and operate an ambulatory care centre is not unexpected.

S P Setia had earlier said in its latest annual report for 2020 that the company had identified healthcare as a segment among potential areas for business diversification.

"Logistics, e-commerce, heathcare and assisted senior living are among the markets to be explored," S P Setia said.

At 5pm on Wednesday, S P Setia’s share price settled down three sen or 2.33% at RM1.26 for a market capitalisation of about RM5.13 billion, based on the company's 4.07 billion issued shares.

S P Setia’s latest-reported net assets per share stood at RM2.91.

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