KUALA LUMPUR – Malaysian conglomerate Sunway Bhd has agreed to sell approximately 15 percent of the shares in its healthcare unit to Singapore-based sovereign wealth fund GIC for 700 million (SGD 226 million) – 800 million ringgit, two sources familiar with the matter said on Tuesday 22nd. June).
The Malaysian group, which also operates real estate development, construction and education companies, declined to comment, while an inquiry made to GIC did not receive an immediate response.
The sources, who refused to be named because they were not allowed to speak to the media, told Reuters that Sunway’s contract with GIC for Sunway Medical Center would be unveiled on Wednesday.
In an invitation to the media on Tuesday, Sunway said its founder and chairman Jeffrey Cheah would hold a virtual press conference on Wednesday for a “special announcement,” but did not provide any further details.
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The group has also suspended trading of its shares after the market opened on Wednesday, as a stock exchange registration revealed.
The Edge Weekly reported over the weekend that Sunway was close to finalizing an agreement to sell a 20-25 percent stake in its healthcare business to GIC.
In a statement to the stock exchange in September, Sunway announced that it had engaged Maybank Investment Bank to “examine strategic investment opportunities for its healthcare portfolio in line with the company’s goal of increasing shareholder value.”
