QI Group seeks RM1b for Perak campus project

Source: New Straits Times
29 October 2014 @ 12:52 AM

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.

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. 

Quest University, at the end of the day, will pay for itself. If you are focused on profit and loss, it’s difficult to figure out how you want to run the university. We have about 1,000 students now and it can accommodate up to 2,000 students.

For the medical campus in Meru, we expect it to be profitable in about two years after it is set up. We may expand our training and education arm by establishing another campus in Perak in the future. We hope in the next 10 years, we will have some 15,000 students,” Kuna said.

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