Damansara Realty enters JV to provide technical healthcare services in PNG

KUALA LUMPUR (Jan 16): Healthcare Technical Services Sdn Bhd (HTS), a subsidiary of Damansara Realty Bhd, has entered into a joint venture agreement with Papua New Guinea (PNG) based Pacific Asia (PNG) Ltd (PAL), to provide consultancy services, facilities management and hospital management services in PNG.

In a filing with Bursa Malaysia today, Damansara Realty said the purpose of the JV agreement, which was entered into between the parties on Jan 15, 2015, was to structure and regulate both parties JV participation.

“This is in respect of the technical healthcare services project, pursuant to a tender which had been submitted to, and which had been accepted by the PNG government,” read the announcement.

HTS is a comprehensive provider of technical services in the healthcare sector, including hospital planning and design, construction management, project management, facilities management, sustainable and energy management.

Similiarly, PAL carries on its business in PNG as a healthcare services and management company.

Both parties have decided to conduct the JV through a PNG incorporated limited liability company, to be known as Healthcare Technical Services (PNG) Ltd. The JV company would see PAL owning a 55% stake, whilst HTS would own the remaining 45%.

Damansara Realty (fundamental: 0.95) closed up 3 sen or 2.75% today to RM1.12, giving it a market capitalisation of RM346.5 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)