KUALA LUMPUR (Sept 22): Singapore’s sovereign wealth fund sold shares in Sunway Healthcare Holdings Bhd (KL:SUNMED) worth over RM1 billion on Tuesday, according to a news report.

The sale of 575 million shares was priced at RM2.08 a piece, Bloomberg reported, citing a term sheet. The price tag is a discount of 9% from the hospital operator’s closing price of RM2.29 on Monday, and near the lower end of the RM2.07-RM2.10 range marketed to investors.

Greenwood Capital Private Ltd, a vehicle of Singapore's GIC, is the seller of the shares, the financial newswire said.

The block of shares represents about 5% of the total outstanding shares and Greenwood’s entire holdings in Sunway Healthcare. Greenwood was the second-largest shareholder of Sunway Healthcare with a 16% stake before its initial public offering in March.

Since then, shares of Sunway Healthcare have rallied about 58% up until Monday, as investors brushed off concerns over elevated valuations and healthcare industry reforms.

The stock fell about 4% in Tuesday trading to RM2.20 as more than 14 million shares changed hands at 10.00am. At the last price, the company has a market capitalisation of over RM25 billion.