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Looking to complete open offer for Fortis by Dec-end: IHH Healthcare

Press Trust of India  |  New Delhi 

Malaysian firm IHH Healthcare Berhad Wednesday said its open offer for acquiring up to 26 per cent stake in Fortis Healthcare is likely to be completed by December-end.

The company also said that it currently has no immediate specific plans to change the brand name of Fortis Healthcare though it has several brands that could be considered if a decision is taken regarding this in future.

When asked when IHH plans to complete the open offer for acquiring up to 26 per cent stake from the exisiting shareholders in Fortis, IHH Healthcare Berhad MD and CEO Tan See Leng said the company is hopeful of completing it by the end of December.

"Our most optimistic target is that by middle of December we will put up the offer and we are cautiously optimistic that by end of December we can complete it," he added.

On plans to change the brand name of Fortis Healthcare, he said: "... the brand is something we will address when we come to it."

Speaking about the importance of India for IHH, Tan See Leng said: "India has always been a key growth market for us..., It is now one of the fourth home markets for us along with Malaysia, Turkey and Singapore."

IHH will ensure that Fortis forges ahead as a leading healthcare provider in India, he added.

On Tuesday, Fortis Healthcare said it had issued 23.53 crore equity shares through preferential allotment to IHH Healthcare Berhad for around Rs 4,000 crore, a move that helps the Malaysian firm take 31.1 per cent stake in the company.

The board of Fortis had also approved appointment of four IHH nominees on the company's board, it added.

"The acquisition of a controlling stake in Fortis Healthcare, one of the leading healthcare service providers in India, represents a transformational investment for IHH and demonstrates our commitment to invest considerable resources to expand and consolidate our footprint in India," Tan See Leng had said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 14 2018. 19:50 IST