Paragon Globe Berhad (Paragon Globe) has signed a Memorandum of Understanding (MoU) with Selgate Properties Sdn Bhd (Selgate Properties) at a virtual ceremony on the 3rd of September 2021. Selgate Properties is a property arm of Selgate Corporation Sdn Bhd, a wholly-owned company by Perbadanan Kemajuan Negeri Selangor (PKNS).
The MOU is for a two-year collaboration between Paragon Globe and Selgate Properties in which the parties intend to cooperate and collaborate in terms of developing several private specialist hospitals in Malaysia for the mutual benefit of both parties. The private specialist hospitals are intended to be operated by Selgate Corporation’s subsidiary, namely Selgate Healthcare Sdn Bhd.
Present at the MOU signing from Paragon Globe was Dato’ Sri Edwin Tan Pei Seng, Executive Chairman and Group Executive Director Dato’ Sri Godwin Tan Pei Poh, Noor Hisham Bin Mohd Ghouth, Executive Chairman and Mohd Fauzi Bin Ibni Hajar, Chief Executive Officer represented Selgate Properties.
Dato’ Sri Edwin said, “As Paragon Globe aspires to become a significant player in the healthcare and wellness segment, the company looks forward to working with Selgate Properties and its sister company Selgate Healthcare by leveraging their experience and expertise in healthcare management, hospitals, clinics, dental, pharmacy, medical laboratories and home nursing.”
Dato’ Sri Godwin Tan, the Group Executive Director added that, “Both parties desire to explore the potential business opportunities in the healthcare and wellness industry to enhance potential earnings as well as to sustain business growth in a long-term perspective.”
Meanwhile, Noor Hisham expressed that, “Selgate Corporation together with its subsidiaries, has successfully spearheaded the healthcare industry in Selangor. Over the past few years, it has become more evident that we should remain focused on bringing a strong recovery in the healthcare industry. With this in view, we aim to diversify into the development of our own private specialist hospitals in Malaysia through our engine, Selgate Properties.”
He also added that, “We believe that this collaboration with Paragon Globe will thrive, and the benefits that come with it will echo through generations to come.”
“We are elated and thrilled to collaborate with Paragon Globe, a company that shares our vision of being one of the pioneers in the healthcare industry. Leading the development of a hospital is an unprecedented challenge for me. However, bringing together the expertise, resources, and resilience of all the subsidiaries of Selgate Corporation, will not be so gruelling, and Selgate Properties is willing to drive Malaysia’s private healthcare industry as far as its potential would allow,” said Mohd Fauzi.
Previously, Paragon Globe has subscribed 55.9 million new ordinary shares in Builtech Acres Sdn Bhd, paving the way for the company to emerge with 99.06% of the shareholding in Builtech Acres.
Builtech Acres is the holding company of Sepang Medicity Sdn Bhd and holds two parcels of freehold land zoned for commercial use in the district of Sepang, Selangor, which measures approximately 24.81 acres in total.
The first tract of land (Hospital Land) measuring approximately 7.07 acres has been granted approval by the Ministry of Health Malaysia to establish and maintain a private hospital.
Builtech Acres had earlier entered into an agreement with Selgate Healthcare and Sepang Medicity on 7th November 2019 to build and operate a 121-bed private hospital for 15 years. Selgate Healthcare is the healthcare arm of Selgate Corporation Sdn Bhd.
This private hospital project is currently under construction and is expected to be completed by 2023.
