Singapore's GIC to invest S$180 million in Sunway's healthcare unit

KUALA LUMPUR: Singapore sovereign wealth fund GIC will invest RM 750 million (S$180 million) in Sunway's healthcare business, the Malaysian conglomerate said on Wednesday (Jun 23).

GIC will buy a 16 per cent stake in an agreement that values Sunway Healthcare at about RM 4.69 billion (US$1.13 billion), it said.

"The foreign direct investment by GIC validates Sunway's confidence in the growth of its healthcare division and the long-term potential of Malaysia's healthcare industry," Sunway said in the statement issued jointly with GIC.

Maybank Investment Bank acted as sole financial advisor to Sunway on this transaction.

READ: Malaysia's Sunway to sell stake in healthcare unit to GIC: Sources

Reuters reported earlier this week that Sunway agreed to sell around 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 combined capacity in excess of 800 beds. Expansion plans are expected to increase capacity to approximately 3,000 beds in the next few years, Sunway said.