SINGAPORE, May 5, 2015:
India’s Fortis Healthcare got less than it wanted for the sale of its Singapore healthcare services facility RadLink-Asia Pte Ltd after IHH Healthcare Bhd was forced to scrap the deal.
This is a smaller reversal of the gains Fortis had during the battle with IHH’s parent Khazanah Nasional Bhd when the Indian firm walked away with a handsome gain during the takeover battle for Parkway Holdings Bhd.
Now part of IHH, Parkway had proposed last year to acquire RadLink-Asia for US$109 million (RM391.9 million) – but was stopped by the Competition Commission of Singapore.
Fortis found another buyer for Radlink-Asia – Fullerton Healthcare group – letting the Singapore unit go for a far lower US$83.5 million.
Fortis operates in India, Singapore, Dubai, Mauritius and Sri Lanka with its 55 facilities offering around 10,000 beds – but has withdrawn from Hong Kong, Australia and Vietnam.