Fortis Healthcare drops plan to sell stake in RHT Health Trust, RHTTM

Fortis Healthcare said on Saturday that it has decided to close the bidding and search process to explore the possibility of sale of interest in RHT Health Trust and RHT Health Trust Manager Pte Ltd (RHTTM).

In an earlier filing to bourses, the company had said its group firm Fortis Healthcare International Ltd had commenced deliberations to explore sale of interest in RHT and RHTTM.

No firm proposal which is commercially viable was received and no agreement (binding or non- binding) has been reached with any of these parties in connection with the Potential Transactions or any other transaction involving RHT and/or RHTTM," Fortis Healthcare said.

RHTTM is a subsidiary of Stellant. Stellant and Fortis Healthcare International Ltd (FHIL) are direct/ indirect wholly-owned subsidiaries of the company, Fortis Healthcare said in a filing to BSE.

Pursuant to an open invitation to interested parties to submit proposals in connection with the potential transactions, a process to evaluate proposals was undertaken with professional advisers, and preliminary discussions were held with certain third parties concerning the Potential Transactions, it added.

Since the process to explore the potential transaction was inconclusive, it was decided to close the bidding and search process, it added.