Bullish bets on most Asian currencies rolled back as US dollar perks

SINGAPORE, April 19 — Investors trimmed their long positions in most emerging Asian currencies in the last two weeks, a Reuters poll showed, as the US dollar bounced back amid improving appetite for riskier assets and upbeat US economic data….

Asian currencies tread water, yuan down after surprise RRR cut

SINGAPORE, April 18 — Most emerging Asian currencies were kept in check today, as the dollar gained on firm US economic data and as US-China trade risks and tensions in the Middle East appeared to take a backseat for now. China’s yuan pulled…

Stocks in Focus (17-04-2018)

KUALA LUMPUR (Mar 26): Based on corporate announcements and news flow today, stocks in focus for Tuesday (Apr 17) may include the following IHH Healthcare…

Malaysia’s IHH says Fortis board declines to engage on takeover offer

MUMBAI, April 16 — Malaysia’s IHH Healthcare Bhd said today India’s Fortis Healthcare Ltd declined to engage with the company regarding a takeover offer, citing binding agreements with other parties. IHH, one of Asia’s largest healthcare…

IHH Healthcare’s offer rejected by Fortis

PETALING JAYA: IHH Healthcare Bhd has been notified by India's Fortis Healthcare Ltd the inability to engage with the company due to the binding agreements with other parties.

IHH had on April 11 issued a non-binding letter issued on April 11 to Fortis expressing its interest to participate in Fortis and its affiliates.

“In response to the letter, the board of Fortis has indicated its inability to engage with IHH as Fortis has entered into binding agreements with Manipal Health Enterprises Private Limited, Manipal Global Health Services and TPG Asia,” IHH said in a filing with the stock exchange.

IHH added that it has not entered into discussion, negotiations or transactions with Fortis.

Earlier, IHH has asked Fortis to respond to its offer of up to 160 rupee per share by April 18. It was reported that IHH's offer is higher than other contenders, including Manipal (155 rupees) and two Indian investors – Sunil Munjal and the Burman Family Office (156 rupees).

Meanwhile, IHH advised its shareholders or investors to exercise caution and seek appropriate independent advice when dealing in IHH shares.

At the noon break, IHH's share price fell 2 sen or 0.3% to RM6.10 on some 1.77 million shares done.

Most Asian currencies dip as Trump softens Syria rhetoric

SINGAPORE, April — Most emerging Asian currencies edged lower today after US President Donald Trump tempered speculation of an imminent missile attack on Syria, lending support to the US dollar. The US dollar index against a basket of six…

Saudi Aramco signs US$44 bln deal for mega Indian refinery

NEW DELHI, INDIA: Saudi Aramco announced a US$44-billion deal to build a giant refinery complex in India with three Indian firms that will become a crucial new outlet for the world’s biggest supplier. The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million barrels of crude a day, […]

IHH Healthcare said to be planning rival bid for India’s Fortis

BENGALURU: Malaysia’s IHH Healthcare Bhd plans to bid for India’s Fortis Healthcare Ltd at a price marginally better than Manipal Hospitals Enterprises Pvt Ltd’s offer, Bloomberg reported today, citing people aware of the matter.

The rival bid by IHH would follow Manipal’s offer on April 10 to buy Fortis at around 155 rupees per share, or 80.39 billion rupees (RM4.77 billion), which minority shareholders – including billionaire Indian investor Rakesh Jhunjhunwala – had expressed concerns about.

The IHH bid could value the healthcare services giant at as much as US$1.3 billion (RM5 billion), according to Bloomberg.

IHH, which wants to work with Fortis on a friendly offer, has asked the board for time to update its due diligence before making a formal bid, the report added.

Fortis shares spiked following the report, although it wasn’t immediately clear if the new bid would appease minority shareholders.

The deal is critical for Manipal to expand its presence in the growing hospitals business beyond south India. Increasing access to healthcare services and a government drive to expand health insurance are expected to increase footfalls at hospitals, benefiting chains such as Manipal and Fortis.

IHH, one of Asia’s largest healthcare operators, has been scouting acquisitions to grow in India, where it has said before that it expects a spike in demand for private healthcare.

Fortis chief executive Bhavdeep Singh said on a call last month that other parties, which he declined to name, had expressed an interest in buying Fortis.

IHH declined to comment yesterday and Fortis did not respond to a request for comment.

Fortis shares jumped as much as 4% today to reach 153.9 rupees, their highest level since March 27, when Manipal made its first offer public. – Reuters

IHH is said to propose up to $1.3b offer for Fortis, topping TPG


MUMBAI/KUALA LUMPUR (April 12): IHH is proposing a potential offer for Fortis Healthcare that could value the Indian company at as much as $1.3b, which would top the bid from a TPG-backed consortium, according to people with knowledge of the matter. * IHH sent a letter to the Fortis board Wednesday saying it may be willing to pay as much as 160 rupees per share to take over the Indian hospital operator, the people said, asking not to be identified because the information is private * IHH has asked theRead More

India’s PNB says internal probe into US$2b fraud ongoing; more heads could roll

NEW DELHI, April 12 — India’s state-run Punjab National Bank (PNB) is conducting an internal investigation into an alleged US$2 billion (RM7.7 billion) fraud and more heads could roll, its chief executive said in an interview yesterday. The…