Sunway gets MoH approval for Greenwood's foreign equity ownership of healthcare unit

KUALA LUMPUR (Nov 5): Sunway Bhd has obtained the Ministry of Health’s (MoH) approval for Singapore’s Greenwood Capital Pte Ltd to own not more than 27.5% of Sunway Healthcare Holdings Sdn Bhd.

The foreign equity ownership approval was granted in conjunction with the ASEAN Framework Agreement on Services (AFAS), the company said in a stock exchange filing with Bursa Malaysia.

“In this regard, Sunway Healthcare would also need to comply with one of the requirements under the AFAS, whereby no feeder outpatient clinics are permitted for private hospital services.

“The MoH approval would continue to be in effect as long as there are no changes to the details and conditions stated above.

“Should there be any change to the details and conditions stated above, Sunway Healthcare would be required to seek a new approval from the MoH,” Sunway said.

Sunway had on June 23 announced that Sunway Healthcare would receive a RM750 million investment from Greenwood, an affiliate of Singapore’s sovereign wealth fund GIC Private Ltd.

The proposed investment entailed a share subscription agreement to acquire 100 million ordinary shares in Sunway Healthcare, 10 million irredeemable convertible preference shares in Sunway Healthcare, and one cumulative irredeemable dividend convertible preference share in Sunway Healthcare by Greenwood for RM750 million in cash.

The share acquisition collectively enabled the Singapore company a 16% equity interest in Sunway Healthcare. 

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