Kenanga raises valuation on Sunway on healthcare stake sale

KUALA LUMPUR: Kenanga Research is positive over Sunway Bhd's stake sale in its healthcare business to Singapore's soveriegn wealth fund GIC (Ventures) Pte Ltd based on the high enterprise value valuation and opportunities presented.

The research house said the RM750mil injection into Sunway Healthcare for a 16% stake is 22% higher that what it had ascribed to the business, which is a strong testament to its deep value.