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GIC to invest US$84m in Philippine hospital group

Singapore sovereign wealth fund GIC will invest 3.7 billion pesos (US$84 million) in a Philippine hospital group to help fund the latter's expansion.

SINGAPORE: Singapore sovereign wealth fund GIC will invest 3.7 billion pesos (US$84 million) in a Philippine hospital group to help fund the latter's expansion.

In return, GIC will get a 14.4 per cent stake in Neptune Stroika Holdings Inc (NSHI), which will be the holding company for all of Metro Pacific Investments Corporation's (MPIC) hospital investments.

GIC will, in addition, advance to MPIC 6.5 billion pesos (US$149 million) by way of an exchangeable bond, which can be exchanged into a 25.5 per cent stake in NSHI in future, subject to certain conditions.

Proceeds from the exchangeable bond will be used by MPIC for continuing investments in roads, power and water.

GIC, which has well over US$100 billion in assets under management, handles a large portion of Singapore's foreign reserves.

NSHI owns eight hospitals in the Philippines with a total capacity of 2,200 beds as well as a mall-based diagnostic centre.

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