Fortis Health up 4% as unit buys S'pore firm

Fortis Healthcare (India) is trading higher by 4% at Rs 108 after the company said that it has acquired 85% stake in Redline-Asia Pvt Ltd, an outpatient diagnostic and molecular imaging chain in Singapore, for Singapore $62.9 million. The acquisition has been routed through Singapore subsidiary.

“The transaction provides Fortis Healthcare a strong foothold in the premium diagnostics and molecular imaging segment in one of Southeast Asia's most attractive markets besides providing a complementary platform to its upcoming specialty hospital on Adam Road in Singapore,” the company said in a filing to the stock exchanges.

Redline has four main business segments; diagnostic imaging, molecular imaging, cyclotron (radio-isotopes manufacturing) and GP clinics, it added.

 

A combined 60,000 shares have changed hands on the counter so far on the NSE and BSE.