Sunway Bhd was granted approval from the Ministry of Health (MoH) for Greenwood Capital Pte Ltd of Singapore to own no more than 27.5 percent of Sunway Healthcare Holdings Sdn Bhd.
The company says in a stock exchange filing with Bursa Malaysia that the foreign equity ownership approval was granted in conjunction with the Asean Framework Agreement on Services (AFAS).
“Sunway Healthcare would also have to comply with one of the AFAS’s requirements in this regard, which states that no feeder outpatient clinics for private hospital services are permitted.
“As long as the details and conditions stated above do not change, the MOH approval will remain in effect.
“Should the details and conditions stated above change, Sunway Healthcare would be required to seek a new approval from the MOH,” Sunway Healthcare says.
On June 23, Sunway Healthcare announced that Greenwood, an affiliate of Singapore’s sovereign wealth fund GIC Private Ltd, would invest RM750 million in the company.
Greenwood agreed to purchase 100 million ordinary shares, 10 million irredeemable convertible preference shares, and one cumulative irredeemable dividend convertible preference share in Sunway Healthcare for RM750 million in cash as part of the proposed investment.
The Singapore company now owns a 16 percent stake in Sunway Healthcare as a result of the share acquisition.
