KUALA LUMPUR (Sept 22): Singapore’s sovereign wealth fund sold shares in Sunway Healthcare Holdings Bhd (KL:SUNMED) worth over RM1 billion on Tuesday, according to a news report.
The sale of 575 million shares was priced at RM2.08 a piece, Bloomberg reported, citing a term sheet. The price tag is a discount of 9% from the hospital operator’s closing price of RM2.29 on Monday, and near the lower end of the RM2.07-RM2.10 range marketed to investors.
Greenwood Capital Private Ltd, a vehicle of Singapore’s GIC, is the seller of the shares, the financial newswire said.
The block of shares represents about 5% of the total outstanding shares and Greenwood’s entire holdings in Sunway Healthcare. Greenwood was the second-largest shareholder of Sunway Healthcare with a 16% stake before its initial public offering in March.
Since then, shares of Sunway Healthcare have rallied about 58% up until Monday, as investors brushed off concerns over elevated valuations and healthcare industry reforms.
The stock fell about 5% in Tuesday trading to RM2.17 as more than 42 million shares exchanged hands. At the last price, the company has a market capitalisation of a little under RM25 billion.
Sunway Bhd (KL:SUNWAY), the flagship of tycoon Tan Sri Jeffrey Cheah, is the largest shareholder controlling more than two-thirds of Sunway Healthcare’s outstanding shares.
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