Fortis sells entire stake in Vietnam hospital chain for $80 mn

In 2011, Fortis Healthcare International had acquired 65% stake in Hoan My Medical Corporation for $64 million

Fortis Healthcare today said it has completed the sale of its entire 65% stake in Vietnam-based hospital chain Fortis Hoan My Medical Corporation for $80 million.

In June, the healthcare major had entered into a pact to sell its entire stake in the Vietnamese hospital chain to Viva Holdings Vietnam.

"The transaction has been concluded on August 20, 2013," Fortis Healthcare said in a filing to the BSE.

In 2011, Fortis Healthcare International, a subsidiary of Fortis Healthcare, had acquired 65% stake in Hoan My Medical Corporation for $64 million.

Established in 1997, Hoan My Medical Corporation is one of the Vietnam's largest private healthcare provider groups, with 700 beds across five hospitals.

Scrip of Fortis today closed at Rs 95.30 a piece on the BSE, up 0.47% from their previous close.