SINGAPORE: Singapore-based private equity firm Kendall Court struck a deal to invest US$55mil in Mandaya Medical International Pte Ltd (MMI), which is building a 420-bed private hospital in Jakarta to expand into the country’s healthcare services sector.

Kendall Court would own a majority stake in the Indonesian company by buying preference shares, the two firms said in a joint statement.

Executives from Kendall Court and MMI said Indonesia’s healthcare sector was growing rapidly, with hospital capacity falling far short of demand.

In 2014, Indonesia – the world’s fourth most populous country with 260 million people – rolled out an ambitious five-year goal of establishing universal health coverage.

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