Malaysia’s Sunway may sell 15% in healthcare unit to Singapore’s GIC for up to $192m

Visual from Sunway Group Facebook page.

Malaysian conglomerate Sunway Bhd has agreed to sell around a 15% stake in its healthcare unit to Singapore sovereign wealth fund GIC for 700-800 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.

In an invitation sent 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 did not provide further details.

The group also suspended trading of its shares as of the market open on Wednesday, a stock exchange filing showed.

The Edge Weekly reported over the weekend that Sunway was close to concluding a deal to sell a 20-25% stake in its healthcare business to GIC.

In an announcement to the stock exchange in September, Sunway said it had appointed Maybank Investment Bank to “explore strategic investment options for its healthcare portfolio, in line with the company’s objective to enhance shareholder value”.

Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.