Singapore’s GIC buys 16% stake in Sunway Healthcare for $180.9m
Sunway is planning to ramp up its hospital capacity to about 3,000 beds.
Singapore’s sovereign wealth fund, GIC, will acquire a 16% stake in Malaysia-based hospital operator Sunway Healthcare for $180.9 (RM750m), according to a press release.
The agreement, which values Sunway Healthcare at close to $1.13b (RM4.69b), was arrived at on a willing-buyer-willing-seller basis, following evaluation of proposals from domestic and international investment funds, sovereign wealth funds, and private equity firms.
Sunway Healthcare currently operates two tertiary hospitals with a combined capacity in excess of 800 beds and more than 400 consultant specialists. The expansion is expected to ramp up the capacity to about 3,000 beds.
Sunway Healthcare also operates ancillary healthcare businesses, namely, Sunway Specialist Centre Damansara, Sunway Medical Centre Singapore, Sunway Traditional and Complementary Medicine Centre, as well as Home Care.
In 2022, Sunway Healthcare will operate Sunway Sanctuary, which comprises 500 suites for senior living that sit right above Sunway Medical Centre in Sunway City.
In addition, Sunway Healthcare is expanding its operations at its flagship Sunway Medical Centre Sunway City, Selangor, and Sunway Medical Centre Velocity, Kuala Lumpur. It is also developing new hospitals in Seberang Jaya, Penang; Sunway Damansara in Selangor; Sunway City Ipoh in Perak; and Kota Bharu in Kelantan.
Also, in the pipeline are another two hospitals in Sunway City Iskandar Puteri, Johor and Paya Terubong, Ayer Itam in Penang island.