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May 1, 2008

State firm to raise stake in Parkway

Malaysian state investment arm Khazanah Nasional Bhd has agreed to pay $390 million for a strategic stake in Singapore group Parkway Holdings as it moves to tap the growing Asian healthcare market.

The deal will give Khazanah a total holding of 20.8 percent in one of Asia's largest networks of private hospitals when the acquisition is completed, Khazanah said on Wednesday.

Khazanah said it would pay S$531.5 million ($389.5 million) for a stake of 16.41 percent, valuing each Parkway share at S$4.19, a premium of 23 percent to Tuesday's close of S$3.40, giving the entire company a market value of S$3.33 billion.

Khazanah's fully owned subsidiary, Mount Kinabalu Investments Ltd, agreed on Tuesday to buy 126,550,438 shares from private-equity fund subsidiaries Microchip Holdings LDC, Cobalt Ltd and Windjammer Ltd, the company said in a statement.

It already had a stake of 2.46 percent stake in Parkway, and had agreed to buy a further 1.92 percent in the market, making for a total of 20.79 percent after Tuesday's agreement, it added.

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