Malaysia's IHH buys 51% stake in Continental Hospitals

Deal comes a week after Singapore's Competition Commission blocked IHH's plan to buy local unit of Fortis Healthcare

Malaysia's IHH Healthcare Bhd , Asia's largest hospital operator by stock market value, said on Monday it had bought a 51% stake in India-based Continental Hospitals Ltd for 166.73 million ringgit ($45.4 million).

The deal comes one week after Singapore's Competition Commission blocked IHH's plan to buy a local unit of India's Fortis Healthcare Ltd for 346.5 million ringgit.

The acquisition will not material effect IHH's earnings for the current financial year ending Dec. 31, 2015, the company said. 

Continental Hospitals is a 750-bed super speciality hospital in Hyderabad, a southern Indian city, according to its website.