Cengild Medical JV for Penang hospital becomes unconditional after shareholder approval

PETALING JAYA (Aug 7): Cengild Medical Bhd's proposed joint venture to establish a multidisciplinary tertiary private hospital on a site of approximately not less than two acres to be identified within Andaman Island, located off the foreshore near Mukim 18, District of Tanjung Tokong, Penang, has become unconditional after fulfilling its sole condition precedent.

In a Bursa Malaysia filing on Thursday (Aug 6), the healthcare provider said the sole condition precedent under the joint venture (JV) agreement — obtaining shareholders' approval at an extraordinary general meeting (EGM) — was fulfilled on the same day, resulting in the JV agreement becoming unconditional on the same day.

The proposed JV, first announced on June 19, is between Cengild Medical, KCB Holdings Sdn Bhd and Skyspring Sdn Bhd to develop the multidisciplinary tertiary private hospital on a site of approximately not less than two acres to be identified within Andaman Island.

Cengild Medical had earlier issued a circular to shareholders dated July 22, 2026, setting out details of the proposed JV as a non-related party transaction under Chapter 10 of Bursa Malaysia's Main Market Listing Requirements. Shareholders approved the proposal at the EGM on Thursday, fulfilling the final requirement for the JV agreement to take effect.

The proposed hospital forms part of the mixed-use Andaman Island development off Tanjung Tokong.

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