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Expansion remains priority, await direction from SC on Fortis plea: IHH

The group had acquired a 31 per cent controlling stake in Fortis in 2018, which triggered a mandatory open offer to acquire another 26 per cent of Fortis shares from the market

Topics
IHH | Fortis Healhcare | Supreme Court

Press Trust of India  |  New Delhi 

IHH Healthcare makes open offer for Fortis Malar at Rs 60 per share

Malaysian firm Healthcare on Monday reiterated its intent to continue on its growth plans for Fortis Healthcare, and said growing in India remains a priority for the company.

The group had acquired a 31 per cent controlling stake in Fortis in 2018, which triggered a mandatory open offer toacquire another 26 per cent of Fortis shares from the market.

The open offer has not proceeded due to ongoing legal proceedings with respect to the transaction pending before the where the next hearing is scheduled for February 10, 2021, Healthcare said in a statement.

"Growing in India remains a priority for as it is one of our four home markets, together with Malaysia, Singapore and Turkey," IHH Healthcare MD and CEO Kelvin Loh said.

He added that the company respects and has full faith in the judicial process in India and looks forward to a favourable outcomeso the firm can proceed with the open offer. "This will allow IHH to further invest into Fortis to provide evenmore support to the Indian healthcare sector, especially in critical times like now with COVID-19.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 08 2021. 22:48 IST
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