Malaysia’s Sunway plans to sell healthcare stake to Singapore’s GIC

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KUALA LUMPUR – Malaysian conglomerate Sunway Bhd is looking to sell a stake in its healthcare business to Government of Singapore Investment Corporation (GIC), The Edge Weekly reported on Saturday.

The weekly, citing two unnamed sources it said were familiar with Sunway, reported that the deal is close to conclusion and Sunway could be selling 20 per cent to 25 per cent of in its healthcare business as early as this week.

However it was unclear which healthcare business it would be selling to Singapore’s sovereign wealth fund, the report said.

Sunway declined to comment, while GIC did not immediately respond to a request for comment outside of work hours.

Sunway has said in a stock filing in September that it had appointed Maybank Investment to “explore strategic investment options for its healthcare portfolio, in line with the company’s objective to enhance shareholder value”.

The filing was in response to a report that the group picked Maybank to work on a US$250 million stake sale in its healthcare unit, Sunway Medical Centre.

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