Singapore. Singapore-based private equity firm Kendall Court announced a $55 million investment in an Indonesian company, which is expanding and building a 420-bed hospital in Jakarta to tap into the country's fast-growing health care services sector.
Kendall Court will own a majority stake in Mandaya Medical International (MMI) through the investment in the firm's preference shares, the companies said in a joint statement on Friday.
MMI is part of the Selaras Group conglomerate which is focused on hospitality, health care and property.
"Mandaya Medical International will serve the rising demands of the local middle-class community for quality health care by building a network of hospitals focused on cardiovascular, neuroscience and cancer specialties," MMI director Benedictus Widjaja said in the statement.
MMI's 70,000-square-meter general hospital will start operations at the end of 2019.