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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