An undisclosed investor is selling about 24 million shares, or about a 4.7% stake, in Singapore medical services provider Raffles Medical (RAFG.SI) for $2.26 per share, sources familiar with the matter said. 

Raffles Medical shares fell as much as 6.2% on Friday. At midday, the stock was down 4.5% at $2.32 on a volume of 26.4 million shares.

According to IFR, an institutional investor sold around 24.5 million shares in Raffles Medical to raise up to $57 million. 

The selling price of $2.26 per share was a discount of around 7% to Raffles Medical's closing price on Jan 13.

UBS declined comment and Raffles Medical was not immediately available.

Raffles Medical Chairman Loo Choon Yong told Reuters in an interview in December last year that the firm does not rule out mergers and acquisitions if there was a strategic fit and reasonable valuation. 

Interest in Asia's healthcare sector has soared since  Malaysian state investor Khazanah (KHAZA.UL) took over  Singapore hospital operator Parkway (PARM.SI) in a US$2.6 billion  ($3.4 billion) deal last year, beating a rival bid by India's  Fortis Healthcare (FOHE.BO).    

Billionaire Singapore investor Peter Lim is taking over Thomson Medical Centre (THOM.SI) for $513  million.