Singapore’s GIC to speculate S$180 million in Sunway’s healthcare unit
KUALA LUMPUR: Singapore sovereign wealth fund GIC will make investments RM 750 million (S$180 million) in Sunway’s healthcare enterprise, the Malaysian conglomerate stated on Wednesday (Jun 23).
GIC will purchase a 16 per cent stake in an settlement that values Sunway Healthcare at about RM 4.69 billion (US$1.13 billion), it stated.
“The overseas direct funding by GIC validates Sunway’s confidence within the progress of its healthcare division and the long-term potential of Malaysia’s healthcare business,” Sunway stated within the assertion issued collectively with GIC.
Maybank Funding Financial institution acted as sole monetary advisor to Sunway on this transaction.
Reuters reported earlier this week that Sunway agreed to promote round a 15 per cent stake in its healthcare unit to GIC for RM 700 million to RM 800 million.
Sunway Healthcare operates two tertiary hospitals with mixed capability in extra of 800 beds. Growth plans are anticipated to extend capability to roughly 3,000 beds within the subsequent few years, Sunway stated.