Fortis completes deal for RHT Health assets

PETALING JAYA: India’s Fortis Healthcare Ltd, in which IHH Healthcare Bhd owns a 31.1% stake, has completed the acquisition of RHT Health Trust’s assets for INR46.66 billion (about RM2.69 billion).

In a filing with Bursa , IHH Healthcare Bhd said Fortis has completed the acquisition of the equity and other securities of several entities from Fortis Global Healthcare Infrastructure Pte Ltd.

The acquisition, which includes foreign exchange movement and slippages, is pursuant to the master purchase agreement dated Feb 12, 2018 and other subsequent definitive agreements.

The entities will become direct/indirect wholly owned subsidiaries of Fortis and thus become indirect subsidiaries of IHH. The financials of the entities will be consolidated under IHH.

The entities are International Hospital Ltd, Fortis Health Management Ltd, Escorts Heart and Super Specialty Hospital Ltd, Hospitalia Eastern Private Ltd and Fortis Hospotel Ltd.

Recall that IHH, via Northern TK Venture Pte Ltd, had in November 2018 completed the purchase of 31.1% of Fortis for RM2.35 billion.

However, its plan to acquire an additional 26% stake in Fortis for RM1.97 billion has been put on hold following the Supreme Court of India’s ruling.

Source: The Sun Daily

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