It's a proxy war between Singapore and Malaysia, and India has become the battle ground. Two sovereign wealth funds -- Singapore's GIC, and Malaysia's Khazanah -- are locking horns, each eyeing a majority stake in Parkway.Fortis currently holds a 25% majority stake in Parkway, while Khazanah holds 23%. Khazanah has made an offer that will take its stake in Parkway up to 51%, thus becoming the majority stakeholder.
Fortis recently raised USD 85 million from Singapore's GIC through a preferential issue. Once shareholders approve this transaction, GIC will hold nearly 5% in Fortis. So, GIC will indirectly hold a stake in Parkway. Full Story
Related:
Parkway Race: Fortis, GIC look to counter Malaysian Co Khazanah - The Economic Times
Khazanah move to protect Parkway interest - Malaysia Star
