Singapore's sovereign wealth fund GIC has sold its remaining stake in Sunway Healthcare, with the shares valued at more than RM1 billion, according to The Edge Malaysia.
The report, published on Tuesday, did not disclose the buyer or the exact terms of the transaction. Sunway Healthcare shares traded lower following the news, bucking gains on the broader Kuala Lumpur stock exchange, according to Moomoo.
The exit comes as Sunway Medical Group, the healthcare arm of Malaysian conglomerate Sunway Group, expands its hospital network. The group recently broke ground on a new Sunway Medical Centre in Iskandar Puteri, Johor, a project valued at RM800 million, according to reports from klsescreener.com and The Independent Singapore.
That development is expected to support healthcare capacity in Johor as the state pushes ahead with the Johor-Singapore Special Economic Zone, a cross-border initiative that includes healthcare as a focus area. The Star reported that the Sunway expansion is expected to boost healthcare services in the state.
GIC's decision to fully divest from Sunway Healthcare marks the end of its investment in the hospital operator. The fund had previously held a significant position in the company.
What to watch next: whether Sunway Healthcare discloses the buyer of GIC's stake and how the group's Johor expansion affects its regional growth plans.
