Malaysia's Sunway to sell stake in healthcare unit to GIC: Sources
Malaysian conglomerate Sunway has agreed to sell around a 15 per cent stake in its healthcare unit to Singapore sovereign wealth fund GIC for RM700 million to RM800 million (US$168.3 million to 192.3 million), two sources familiar with the problem said on Tuesday (Jun 22).
The Malaysian group, which also runs property development, construction and education businesses, declined to comment, while there is no immediate response to a query delivered to GIC.
The sources, who declined to be named because they weren't authorised to talk with the media, told Reuters that Sunway's deal with GIC for Sunway Medical Centre would be unveiled on Wednesday.
In an invitation delivered to media outlets on Tuesday, Sunway said its founder and chairman Jeffrey Cheah will hold a virtual news conference on Wednesday for a "special announcement", but didn't provide further details.
The group also suspended trading of its shares as of the marketplace open on Wednesday, a stock exchange filing showed.
The Edge Weekly reported over the weekend that Sunway was near to concluding a deal to market a 20 % to 25 per cent stake in its healthcare business to GIC.
Within an announcement to the stock market in September, Sunway said it had appointed Maybank Investment Bank to "explore strategic investment options for its healthcare portfolio, based on the company's objective to improve shareholder value".
Source: www.channelnewsasia.com
