PETALING JAYA: Renewable energy group Jentayu Sustainables Bhd said its specialist hospital will appeal to the health ministry over the revocation of its licence due to non-compliance of mandated operating procedures.
“Ohana Specialist Hospital plans to appeal to the health minister in April and is positive the reopening of the hospital will be within the current quarter,” Jentayu said in a filing with Bursa Malaysia today, adding that most of the matters highlighted by the ministry have already been “complied and adhered to”.
In the interim, it said the hospital will continue to implement measures to ensure strict adherence to compliance and further improve current operating procedures.
On April 6, Jentayu announced that Ohana Specialist Hospital was served with the closure notice the previous day, and that all patients had been transferred to other medical facilities prior to the closure.
Jentayu noted that although the hospital contributed 22% of group revenue over the last two quarters of the financial year ending June 30, 2023, its net impact on earnings before interest and tax (Ebit) was only at 0.26% compared to the group’s Ebit.
The group acquired the hospital in February last year and it is managed by its wholly-owned subsidiary, Ultimate Forte Sdn Bhd.
It is one of the very few hospitals with an all-women obstetric and gynaecology medical team, according to its website. Its 30-bedded women and children’s hospital is located in Sri Rampai, Kuala Lumpur.
“The hospital will take advantage of this closure period to introduce greater rigour and stringency in its compliance assessments to improve the operating procedures to comply with the government standards and ensure a safe environment for patients,” said Jentayu in its Bursa filing on April 6.
The hospital represents 7.66% of total assets as of Dec 31, 2022, it added.
The hospital is expected to be a minor contributor to the group’s future income with the bulk of its income expected to be derived from its renewable energy assets.
Transformation process
Formerly known as Ipmuda Bhd, the company was established in 1975 and was a premier supplier of customised building materials and solutions. In recent years, the group has transitioned to key growth sectors namely sustainable energy and healthcare.
It is currently expanding its stable of assets and operations to include renewable energy and healthcare through its solar and hydro plants as well as a private healthcare facility.
The group said it is undergoing “a transitional year” as the injection of the proposed renewable energy assets is only expected to be completed in the second half of financial year 2024.
Jentayu’s share price fell two sen or 2.12% to 92.5 sen at the close today, valuing the group at RM353 million. - FMT
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