(Oct 15): Philippines' Metro Pacific Investments Corp said on Tuesday it is selling a 42.5% stake in the country's largest hospital chain for 35.3 billion pesos ($937.6 million) to a consortium comprising private equity firm KKR & Co and an affiliate of Singapore's sovereign wealth fund GIC.

GIC will restructure its current investment in Metro Pacific Hospital Holdings (Metro Pacific Hospitals) and will re-invest alongside KKR.

Metro Pacific also said it was postponing a previously flagged US$1.6 billion ($2.19 billion) initial public offering for Metro Pacific Hospitals, which operates 14 hospitals, many of which are among the largest and most modern in the Philippines.

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