Gateway's sale of Healthway Medical notes to third parties raises eyebrows

Singapore

AHEAD of Healthway Medical Corporation's (HMC) extraordinary general meeting (EGM) to vote on the second tranche of S$60 million convertible notes, some minority shareholders have raised concerns whether private-equity fund Gateway Partners is there to make a quick buck at their expense.

Questions have risen over why Gateway chose to sell its first tranche of S$10 million in convertible notes to third parties after Lippo-linked Gentle Care has made an offer to buy over these notes at the same price it is offering to pay for each share of HMC.