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Singapore's GIC to buy into Philippine Metro Pacific's hospital unit

Published on May 16, 2014 10:45 AM

MANILA (Reuters) - The private equity arm of Singaporean sovereign wealth fund GIC has agreed to buy a minority stake in the hospital unit of Philippine conglomerate Metro Pacific Investments Corp (MPIC) for 3.7 million pesos (S$105.9 million).

MPIC, in a filing to the stock exchange on Friday, said GIC had agreed to buy 14.4 per cent of its unit, Neptune Storika Holdings Inc.

GIC also subscribed to 6.5 billion pesos worth of exchangeable bonds which would allow it to raise its stake in Neptune Storika to nearly 40 per cent, the filing added.

Metro Pacific said it will use the bond sale proceeds to finance its toll road, power and water utilities businesses.

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