KUALA LUMPUR: Sunway Bhd’s unit Sunway Healthcare Holdings Sdn Bhd will be receiving a RM750 million investment from Greenwood Capital Pte Ltd, an affiliate of Singapore sovereign wealth fund GIC Private Ltd.
The proposed investment entails a share subscription agreement to acquire 100 million ordinary shares in Sunway Healthcare, 10 million irredeemable convertible preference shares (ICPS) in Sunway Healthcare, and one cumulative irredeemable dividend convertible preference share (DCPS) in Sunway Healthcare by Greenwood for a total subscription consideration of RM750 million in cash.
The share acquisition collectively gives the Singapore company a 16% equity interest in Sunway Healthcare.
“Pursuant to the proposed investment, Greenwood will be entitled to receive dividends equivalent to a rate of 3% per annum until an earlier date of completion of a proposed initial public offering (IPO) of Sunway Healthcare, or Greenwood ceasing to be a shareholder of Sunway Healthcare.
“A commitment to undertake the proposed IPO has been given by Sunway, Sunway City, Sunway Healthcare and Greenwood,” the group said in a filing with Bursa Malaysia today.
During a virtual question and answer session today, Sunway Group founder and patriarch, Tan Sri Jeffrey Cheah Fook Ling said the IPO is a six to eight-year programme for the company.
Cheah controls about 63% equity interest in Sunway Group. – Bernama
