Sunway announces stock trading suspension pending announcement, amid talks that Singapore's GIC is finalising a deal to buy stake in its medical centre
KUALA LUMPUR (June 22): Sunway Bhd announced in a bourse filing today that trading in its securities will be suspended from 9am tomorrow (Wednesday, June 23), pending an announcement from the group. Its structured warrants will also be suspended at the same time.
Shares of Sunway rose four sen or 2.3% to close at RM1.78 today, translating into a market capitalisation of RM8.78 billion. It saw some 5.91 million shares exchanging hands.
Bloomberg reported earlier today, citing sources, that GIC Pte Ltd, Singapore's sovereign wealth fund, is nearing an agreement to buy a minority stake in Sunway Medical Centre, in a transaction that would value the Malaysian hospital at about RM4.7 billion.
Sunway group is reportedly in advanced talks to sell a roughly 16% stake in the medical facility to GIC for about RM750 million, the news agency wrote.
"A deal could be announced as soon as Wednesday, the people said, asking not to be identified because the matter is private. Deliberations are ongoing, and talks could still drag on or fall apart," the news agency wrote.
It also reported that Sunway Group founder and chairman Tan Sri Dr Jeffrey Cheah will be hosting a virtual media conference tomorrow to make a special announcement.