Fortis Healthcare gains as unit completes divestment of Hoan My

Fortis Healthcare rose 2.26% to Rs 97.45 at 12:13 IST on BSE after the company said its unit has completed the sale of its entire stake in Fortis Hoan My Medical Corporation for $80 million.

The announcement was made after market hours on Tuesday, 20 August 2013.

Meanwhile, the S&P BSE Sensex was up 142.87 points or 0.78% at 18,388.91

On BSE, 15,946 shares were traded in the counter as against average daily volume of 1.47 lakh shares in the past one quarter.

The stock hit a high of Rs 100.10 and a low of Rs 96.45 so far during the day. The stock had hit a 52-week high of Rs 119.50 on 17 December 2012. The stock had hit a 52-week low of Rs 84 on 27 June 2013.

 

The stock had outperformed the market over the past one month till 20 August 2013, falling 4.89% compared with the Sensex's 9.45% decline. The scrip had also outperformed the market in past one quarter, sliding 6.15% as against Sensex's 9.78% fall.

The mid-cap company has equity capital of Rs 459.04 crore. Face value per share is Rs 10.

Fortis Healthcare said that one of its step down subsidiaries based out of Singapore i.e. Fortis Healthcare International Pte, has completed divestment of its entire holding in Fortis Hoan My Medical Corporation, VOF PE Holding2 and Swindon to Viva Holdings Vietnam (Pte) for an aggregate consideration of $80 million on Tuesday, 20 August 2013.

On 11 June 2013, Fortis Healthcare had entered into an agreement with Viva Holdings Vietnam (Pte.) to sell its entire stake in Fortis Hoan My Medical Corporation, Vietnam, for a total consideration of $80 million.

Fortis Healthcare reported 43.4% fall in net profit to Rs 7.54 crore on 16.6% rise in net sales to Rs 94.28 crore in Q1 June 2013 over Q1 June 2012.

Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care speciality and hospitals, with a healthcare network spanning 9 countries.

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