by S BIRRUNTHA
Singapore’s sovereign wealth fund GIC Pte Ltd is investing RM750 million for a 16% stake in Sunway Healthcare Sdn Bhd, the healthcare arm of Sunway Group.
In a special virtual press conference today, the group announced that the agreement valued Sunway Healthcare at close to RM4.69 billion.
It noted that the agreement was arrived at on a willing-buyer-willing seller basis following evaluation of proposals from various domestic and international investment funds, sovereign wealth funds and private equity firms.
Sunway Group founder and chairman Tan Sri Jeffrey Cheah said the overwhelming interest from domestic and international investors is testament to their confidence in the Sunway brand and the track record of its healthcare division in a rapidly growing sector of Malaysia’s economic landscape.
He added that the Sunway-GIC partnership will further enhance the value of Sunway Healthcare and that together we can realise the full potential of its healthcare business.
“GIC has an established track record in healthcare and healthcare-related sectors globally with investments across public and private markets in the United States, Australia, Brazil, Philippines, China and Vietnam,” he said during the press conference.
With this expansion, Sunway Healthcare is set to become a leading integrated private healthcare group with a network of hospitals and healthcare services in Malaysia and Singapore.
Sunway Healthcare currently operates two tertiary hospitals with combined capacity in excess of 800 beds and more than 400 consultant specialists.
The expansion is expected to increase the capacity to approximately 3,000 beds in the next few years.