---
endpoint: analytics
pattern: Healthcare
status: done
latency_ms: 114770
conversation_id: c6d2751a-ca2e-4b37-9649-dfd66337a893
citations: 1
created: 2026-05-31 18:19:48Z
---

# Who are the key shareholders of IHH?

## IHH Healthcare (IHH MK / Q0F SP) — Key Shareholders

IHH Healthcare Berhad is **anchored by two strategic-holder blocks (Mitsui ~33% and Khazanah ~26%)** that together control roughly **~59% of the company**, with EPF as the next-largest institutional holder. Free float is ~35%, and foreign shareholding sits at ~18% per CLSA's latest cap-table snapshot.

### Substantial shareholders (per IHH's Register of Substantial Shareholders)

| Rank | Shareholder | Holding vehicle | Shares held | % of Issued Shares | Nature |
|---|---|---|---|---|---|
| 1 | **Mitsui & Co., Ltd** (Japan) | MBK Healthcare Management Pte Ltd (direct holder) | 2,888,487,400 | **32.81%** | Strategic — Japanese trading house [2] |
| 2 | **Khazanah Nasional Berhad** (Malaysia sovereign fund) | Pulau Memutik Ventures Sdn Bhd (direct holder) | 2,284,536,356 | **25.95%** | Strategic — Malaysian sovereign wealth fund [2] |
| 3 | **Employees Provident Fund Board** (EPF) | Direct | 857,862,100 | **9.75%** | Malaysian state pension fund [2] |
| 4 | **Mehmet Ali Aydinlar** (Turkey) | Direct 4.84% + Indirect 1.12% | 425,823,132 direct + 98,287,041 indirect | **~5.96%** (4.84% direct + 1.12% indirect) | Founder of Acibadem (IHH's 90%-owned Turkish hospital arm); current Acibadem Group Chairman [2] |

### Cap-table snapshot from latest CLSA note (12 Mar 2025) [1]

| Metric | Value |
|---|---|
| Shares in issue | 8,808.0m |
| Free float (est.) | **35.0%** |
| Foreign shareholding | **18.0%** |
| Major shareholder #1 — Mitsui & Co Ltd | **32.8%** |
| Major shareholder #2 — Khazanah | **25.9%** |
| 12M price target (CLSA, HOLD) | RM7.80 |
| Market cap | US$14.5bn |
| 3M ADV | US$8.5m |

### Why this cap table matters

- **Strategic-holder lock**: Mitsui (32.8%) + Khazanah (25.9%) ≈ **58.7%** of the register is in long-term strategic hands, which constrains the genuine free float far below the headline 35% disclosure. Both holders have board representation: Mr Yoichiro Endo and Mr Tomo Nagahiro are Mitsui's nominee directors; Mr Lim Tsin-Lin and Ms Mok Jia Mei are Khazanah's nominee directors [2].
- **Indirect-interest convention**: Both Mitsui and Khazanah hold through wholly-owned investment SPVs — **MBK Healthcare Management Pte Ltd** (Mitsui vehicle) and **Pulau Memutik Ventures Sdn Bhd** (Khazanah vehicle). On Bursa's Register of Substantial Shareholders, Mitsui and Khazanah show 0% direct / 32.81% & 25.95% indirect respectively, while the SPVs show the mirror direct position [2].
- **EPF presence (9.75%)** reflects standard Malaysian large-cap index ownership — EPF is a near-universal top-3 holder across Bursa large caps. This is a passive, not strategic, holding.
- **Aydinlar's ~6% stake** is a legacy of IHH's 2012 acquisition of Acibadem (Turkey's largest private hospital group). He is still on the IHH board as a non-independent, non-executive director [2].
- **Historical evolution**: In FY2016, Khazanah held **41.1%** and Mitsui 18.0%. Mitsui's stake stepped up to ~32.8% via the November 2018 share transfer from Khazanah (the IHH cap table was rebalanced when Khazanah partially divested to Mitsui), bringing the two co-anchors closer to parity. The current structure has been stable since then.

### Implication for trading flow

CLSA flags the stock as a **HOLD with TP RM7.80**, citing valuation that is "more than 0.5SD below IHH's five-year EV/Ebitda mean" but with limited near-term catalysts. The tight strategic-holder lock means that **any major re-rating typically requires a corporate action** (a Mitsui or Khazanah block trade, follow-on placement, or asset divestment) rather than free-float-driven flow. Liquidity is modest (US$8.5m 3M ADV) given the US$14.5bn market cap, consistent with a tightly-held register [1].

---
**Sources**
[1] IHH - HLD (Compelling longer term growth) — CLSA (12 Mar 2025) — 607952899LinqAlpha.PDF
[2] IHH Healthcare Berhad — Annual Report (Register of Substantial Shareholders, ~8.80bn shares outstanding base)

## Citations

- [2] **Annual Reports and Related Documents** · external

