Gıc, Healthcare Business, Sunway Healthcare, Sunway Berhad, Healthcare Division

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UPDATE 2-Singapore's GIC to invest $180 mln in Sunway's healthcare unit

GIC takes 16% in Malaysia's Sunway Healthcare for US$180 million under the deal.

23/6/2021 1:45:00 PM

GIC takes 16% in Malaysia's Sunway Healthcare for US$180 million under the deal.

Singapore sovereign wealth fund GIC will invest 750 million ringgit ($180 million) in Sunway Berhad 's healthcare business , the Malaysian conglomerate said on Wednesday. GIC will buy a 16% stake in an agreement that values Sunway Healthcare at about 4.69 billion ringgit ($1.13 billion), it said, more than half of Sunway's 8.78 billion ringgit market value. '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 .

* Investment to be disbursed over 3 years* Plans to build 6 more hospitals, expects 2 bln rgt capex* Plans listing in 6-8 years (Adds details, quotes)By Liz LeeKUALA LUMPUR, June 23 (Reuters) - Singapore sovereign wealth fund GIC will invest 750 million ringgit ($180 million) in Sunway Berhad's healthcare business, the Malaysian conglomerate said on Wednesday.

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GIC will buy a 16% stake in an agreement that values Sunway Healthcare at about 4.69 billion ringgit ($1.13 billion), it said, more than half of Sunway's 8.78 billion ringgit market value."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.

The investment amount will be disbursed to Sunway in four tranches over three years. GIC will be entitled to 3% per annum dividend on the cumulative invested amount, a stock filing showed."If we don't need the money yet, we rather take it later. We have discussed with GIC very carefully and both parties have agreed that this timeframe is good," chairman Jeffrey Cheah told a virtual news conference. headtopics.com

Reuters reported earlier this week that Sunway, which also runs property development, construction and education businesses, agreed to sell around a 15% stake in its healthcare unit to GIC for 700 million to 800 million ringgit.Sunway Healthcare operates two tertiary hospitals with combined capacity of over 800 beds and plans to build up to six more hospitals.

Expansion plans should increase capacity to approximately 3,000 beds in three to four years, with a plan to list the business in six to eight years, Sunway said.Chief Financial Officer Chong Chang Choong said the immediate capital expenditure requirement for the expansion would be about 2 billion ringgit.

"Almost 40% of the requirement will be funded by GIC's equity injection, although it will be coming in over the next three to three and a half years," he said.Maybank Investment Bank acted as sole financial advisor to Sunway on the transaction.

($1=4.1640 ringgit) (Reporting by Liz Lee Editing by David Goodman, Martin Petty) Read more: Yahoo Singapore »

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Singapore's GIC to invest S$180 million in Sunway's healthcare unitKUALA LUMPUR: Singapore sovereign wealth fund GIC will invest RM 750 million (S$180 million) in Sunway's healthcare business , the Malaysian ...

Malaysia's Sunway to sell stake in healthcare unit to GIC -sourcesMalaysian conglomerate Sunway Bhd has agreed to sell around a 15% stake in its healthcare unit to Singapore sovereign wealth fund GIC for 700 million-800 million ringgit ($168.3 million-192.3 million), two sources familiar with the matter said on Tuesday. The Malaysian group, which also runs property development, construction and education businesses, declined to comment, while there was no immediate response to a query sent to GIC . The sources, who declined to be named as they were not authorised to speak to the media, told Reuters that Sunway's deal with GIC for Sunway Medical Centre would be unveiled on Wednesday.

Malaysia's Sunway to sell stake in healthcare unit to GIC -sources

Singapore's GIC to invest S$180 million in Sunway's healthcare unitKUALA LUMPUR: Singapore sovereign wealth fund GIC will invest RM 750 million (S$180 million) in Sunway's healthcare business , the Malaysian ...

Malaysia's Sunway to sell stake in healthcare unit to GIC -sources

Malaysia's Sunway to sell stake in healthcare unit to GIC -sourcesMalaysian conglomerate Sunway Bhd has agreed to sell around a 15% stake in its healthcare unit to Singapore sovereign wealth fund GIC for 700 million-800 million ringgit ($168.3 million-192.3 million), two sources familiar with the matter said on Tuesday. The Malaysian group, which also runs property development, construction and education businesses, declined to comment, while there was no immediate response to a query sent to GIC . The sources, who declined to be named as they were not authorised to speak to the media, told Reuters that Sunway's deal with GIC for Sunway Medical Centre would be unveiled on Wednesday.