Transaction News: Singapore's GIC To Invest RM750mil In Sunway's Healthcare Arm

Greenwood Capital Pte Ltd ("Greenwood"), an indirect wholly-owned subsidiary of GIC (Ventures) Pte Ltd ("GIC"), entered into a share subscription agreement with Sunway Berhad ("Sunway"), Sunway City Sdn Bhd ("Sunway City") and Sunway Healthcare Sdn Bhd ("SHH") to subscribe for a 16% stake in SHH for a subscription consideration of RM750.0 million ("Proposed Investment").
 
As part of the Proposed Investment, Greenwood, Sunway, Sunway City and SHH will enter into a shareholders' agreement to regulate the management and affairs of the SHH group. The Proposed Investment is conditional upon certain conditions precedent being satisfied or waived including, amongst others, an internal restructuring, approval or consent or confirmation of no objections of the Special Committee of the Ministry of Health approving the Proposed Investment, and approval of the shareholders of Sunway approving the Proposed Investment.
 
The SHH group operates several medical centres in Malaysia including the flagship Sunway Medical Centre Sunway City, Selangor and Sunway Medical Centre Velocity, Kuala Lumpur and plans to build six more hospitals over the next few years. The SHH group has a presence in Singapore as well.
 
Sunway is listed on the Main Board of Bursa Malaysia whilst Greenwood is an indirect wholly-owned subsidiary of GIC, the sovereign wealth fund of Singapore.
 
Skrine acted as Malaysian counsel for GIC and advised GIC on the Proposed Investment. To' Puan Janet Looi (Senior Partner) led the Skrine M&A team and was supported by Partner Sheba Gumis, Senior Associate Alia Abdullah and Associate Tan Wei Liang. The M&A team was supported by lawyers from Skrine's various practice groups including Associate Angela Hii (M&A Practice Group), Partner Jesy Ooi (Real Estate Practice Group), Partner Richard Khoo and Senior Associate Rachel Chiah (Construction and Engineering Practice Group), Partner Jillian Chia and Associate Beatrice Yew (Telecommunications, Media and Technology Practice Group) and Senior Associate Sara Lau and Associate Grace Mah (Employment Practice Group).
 
Media coverage of the transaction can be accessed at:
 
https://www.thestar.com.my/business/business-news/2021/06/23/singapores-gic-buying-16-in-sunway-healthcare-for-rm750m
 
https://www.theedgemarkets.com/article/singapores-gic-invests-rm750m-16-stake-sunway-healthcare
 
https://www.nst.com.my/business/2021/06/701658/singapores-gic-pays-rm750mil-16pct-stake-sunway-healthcare

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