Private equity firm EQT is planning to sell its stake in the Singapore-based healthcare group HMI Medical in a deal valued at around $600m. The process is currently in its early stages, and there is no guarantee that a transaction will be completed, according to people familiar with the matter cited by the Wall Street Journal.

HMI Medical operates in Singapore, Malaysia, and Indonesia, managing hospitals, specialist clinics, primary care centers, and healthcare education services. The company was taken private from the Singapore Exchange in 2019 through a deal led by EQT.

The potential sale comes amid continued robust activity within the Asian healthcare sector, where rising demand for services and increased healthcare spending are driving investments and corporate dealmaking.

As of the end of March, EQT had approximately $310bn in assets under management.