Singapore's GIC to invest $180m in Sunway's health care unit

Malaysian company plans to increase hospital beds to 3,000 in four years

GIC will buy a 16% stake in an agreement that values Sunway Healthcare at about $1.13 billion. © Reuters

June 23, 2021 21:06 JST

KUALA LUMPUR (Reuters) -- Singapore sovereign wealth fund GIC will invest 750 million ringgit ($180 million) in Sunway Berhad's health care 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.