Indonesian sells stake

Indonesian sells stake

SINGAPORE (Reuter): Indonesian businessman Sukamto Sia is selling his entire 13.98 percent stake in property and health- care group Parkway Holdings to Malaysian tycoon Vincent Tan for over Singapore $160 million, the Business Times said.

The newspaper quoted Sia, who is also chairman of Transmarco Ltd, as saying that Tan's Berjaya Group Bhd, through hospital subsidiary Hospital Pantai Bhd, would be paying him over S$4 for each Parkway share.

In early morning trade Parkway shares were quoted at S$4.02, down two cents from Tuesday's close.

Tan, who is said to have been holding a 4.5 percent stake in Parkway, is expected to build up his share in the company to 20- 22 percent through purchases on the market, the newspaper said.

Parkway officials could not be reached immediately for comment.