QI Group seeks RM1b for Perak campus project

DATUK Seri Dr Vijay Eswaran’s QI Group plans to raise about RM1 billion from the capital market next year to help finance its new medical campus in Perak.

The group is planning to build a 600-bed training hospital and up to six blocks of apartments that can accommodate 8,000 students in Meru, Ipoh.

Its managing director Kuna Senathirajah said the project would require an investment of between RM600 million and RM1 billion.

“At QI, we hardly borrow from banks as the group’s direct-selling and e-commerce businesses is cash-generating and that has been driving expansion.

“But, with a project of this nature, we will have to go to the capital market and raise funds for the construction.

“We are looking at several options, including an initial public offering, bond or sukuk. We are also targeting a real estate investment trust (REIT) or form an agree ment with an existing REIT owner to undertake the development with us,” Kuna told Business Times in an interview, here, recently.

For more information, log on to www.nst.com.my