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GIC agrees $85m deal for minority stake in Philippine hospital chain

19 May 2014

medical monitorSingapore sovereign wealth fund GIC has agreed to buy a 14.4 per cent stake in Philippine hospital chain Neptune Storika from Metro Pacific Investments.

The $85m deal was announced to the stock exchange on Friday, with the filing adding that GIC could raise its stake to nearly 40 per cent through an exchangeable bond subscription.

Neptune Storika manages a group of eight hospitals across the Philippines.

Last week GIC has bought a 6.5 per cent interest in Spanish industrial testing services group Applus via its recent IPO.

The stake acquired by GIC is valued at €127m, according to Reuters.

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