GIC seeks S$63.7m from Sunway stake sale: Sources
SINGAPORE — Sovereign wealth fund GIC is seeking to raise US$51 million (S$63.7 million) by selling part of its stake in Malaysia’s Sunway Berhad, people with knowledge of the matter said yesterday.
SINGAPORE — Sovereign wealth fund GIC is seeking to raise US$51 million (S$63.7 million) by selling part of its stake in Malaysia’s Sunway Berhad, people with knowledge of the matter said yesterday.
GIC, which currently owns 12.2 per cent in the construction and property firm, will see its stake fall to 8.7 per cent after the sale, one of the sources said.
GIC manages Singapore’s foreign exchange reserves and, according to its website, the fund has a portfolio worth more than US$100 billion.
But according to the Sovereign Wealth Fund Institute, GIC is the world’s eighth-largest sovereign wealth fund, managing a portfolio worth as much as US$285 billion.
CIMB Group and JP Morgan Chase are managing the sale. DOW JONES
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