SINGAPORE (Apr 30): IHH Healthcare, the 40.61%-owned unit of Khazanah Nasional, seems to have stepped up efforts to buy out India’s Fortis Healthcare. It has sent Fortis two non-binding letters in less than two weeks, and although it has yet to start talks with the Indian group, IHH has already upped its offer for it.

On April 19, IHH announced that it had raised its bid from INR160 a share, or a total of RM4.9 billion ($1.7 billion), with the addition of a supplementary offer to infuse as much as INR4,000 crores (RM2.36 billion) into Fortis via a preferential share allotment at a price not exceeding INR160. Fortis closed at INR150 on April 26.

IHH’s announcement to Bursa Malaysia said the infusion is intended to buy out the asset from Singapore-listed RHT Health Trust and to provide immediate liquidity for working capital and infrastructure upgrades.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook