KUALA LUMPUR: Sunway Bhd has obtained the Ministry of Health’s (MOH) approval for the foreign ownership in Greenwood Capital Pte Ltd of not more than 27.5% for all existing and new private hospital services under Sunway Healthcare Holdings Sdn Bhd.

       “The MOH approval was granted in conjunction with the Asean Framework Agreement on Services (AFAS).

       “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,” Sunway said in a filing with Bursa Malaysia.

       Sunway said the MOH approval will 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 for a new approval from the MOH,” Sunway said.

       In June, Sunway said Sunway Healthcare would receive a RM750mil investment from Greenwood, an affiliate of Singapore’s sovereign wealth fund GIC Private Ltd.

       The proposed investment entails a share subscription agreement to acquire 100 million ordinary shares in Sunway Healthcare, 10 million irredeemable convertible preference shares (ICPS) in Sunway Healthcare, and one cumulative irredeemable dividend convertible preference share (DCPS) in Sunway Healthcare by Greenwood for a total subscription consideration of RM750mil in cash.