Fortis exits battle for Singaporean health group

Jul 26, 2010 |

Tags:

New Delhi, July 26: India's Fortis Healthcare said Monday it would sell its 25-percent stake in Singaporean group Parkways after losing out to a Malaysian sovereign wealth fund in a bidding war for the group.

Fortis said it would sell its stake for about 817 million dollars to Malaysia's Integrated Healthcare, a wholly owned unit of Malaysian sovereign wealth fund Khazanah, which is bidding for control of the Singaporean firm.

Parkway Holdings owns or manages a network of hospitals throughout Asia, including in Singapore, India, Malaysia, Brunei and China,

"Fortis will be divesting our strategic stake in Parkways and we have reached an agreement with Khazanah to accept their voluntary general offer," Fortis chairman Malvinder Mohan Singh told reporters.

Fortis owns 282.7 million shares and will sell them for 3.95 Singaporean dollars each. The funds raised will be used for expansion elsewhere in Asia, Singh said.

Fortis made a 2.3-billion-dollar bid earlier this month to buy all the shares it did not already own in Parkways.

The Malaysian group launched an 865-million-dollar bid for Parkway in May for 313 million shares, which would take its stake to 51.5 percent from its current level of 24.1 percent.

Post new comment

<form action="/comment/reply/24310" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd></li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-ff53ebf01ffcb95d980bfd92243a0447" value="form-ff53ebf01ffcb95d980bfd92243a0447" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="80737715" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>