(Reuters) -AC Health, the healthcare arm of the Philippines’ oldest conglomerate Ayala Corp, said on Monday that a private equity firm backed by Singapore’s state-investor Temasek will acquire a 16% minority stake in the company.

In August 2024, Reuters reported that the Ayala Corp was keen on selling a minority stake in its healthcare business, which would value the company at up to $500 million.

AC Health did not specify a value for the 16% stake.

Global investors are increasingly drawn to Southeast Asia’s healthcare sector, wagering on the region’s rising prosperity, aging demographics, and the industry’s resilience in a challenging economic climate.

In November 2023, Malaysian conglomerate Sime Darby and Australia’s Ramsay Health Care agreed to sell their equal ownership joint vent

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