KUALA LUMPUR (May 19): LYC Healthcare Bhd has incorporated a 51%-owned subsidiary, known as KLIMC Sdn Bhd, with a share capital of RM100 comprising 100 ordinary shares.

The remaining 49% stake is held by Urban Masterpiece Sdn Bhd, a Malaysian company with business interest in water treatment technology, flood mitigation infrastructures, security and defence solutions.

In a filing to Bursa Malaysia today, LYC said it was working with Urban Masterpiece to explore the possibility of setting up, own and operate a hospital aimed at attracting medical tourism, with a focus on fertility, cosmetic and aesthetic, orthopaedic and osteoporosis at a location to be identified later.

Citing the Malaysia Healthcare Travel Council, LYC said the healthcare travel industry in Malaysia grew by 14 per cent in 2019, recording RM1.5 billion in receipts from 1.2 million medical tourists.

“We intend to leverage on the healthcare expertise of LYC Healthcare group of companies and the construction expertise of Urban Masterpiece to ensure the successful execution of the proposed project,” the group said.

The incorporation of KLIMC does not have any effect on the share capital and substantial shareholders’ shareholdings of LYC or any material effect on its net assets, gearing and earnings for the financial year ending March 31, 2021, it added.