On Tuesday, Fortis Healthcare said it issued shares of 23.53 million shares through a preferential offer to IHH Healthcare Berhad for about ₹4,000 crore, a measure that helps the Malaysian company take 31.1% of the company . Photo: Ramesh Pathania / Mint
New Delhi: Malaysian company IHH Healthcare Berhad said on Wednesday that its open offer to buy up to 26% stake in Fortis Healthcare is expected to be completed by the end of December.
The company also said it currently has no specific immediate plans to change the Fortis Healthcare brand, although it has several brands that could be considered if a decision is made about it in the future.
When asked when IHH plans to complete the open offer to acquire up to 26% stake in existing Fortis shareholders, IHH Healthcare Berhad MD and CEO Tan See Leng said the company is hopeful to complete it by the end of December.
"Our most optimistic goal is that by the middle of December the offer will be offered and we are cautiously optimistic that by the end of December we can complete it." On plans to change the brand name of Fortis Healthcare, he said: "… the brand is something that we will address when we get to it."
Speaking about India's importance to IHH, Tan See Leng said: "India has always been a key market for us …, it is now one of the fourth domestic markets for us, along with Malaysia, Turkey and Singapore." IHH will ensure that Fortis will advance as one of the leading healthcare providers in India, he added.
On Tuesday, Fortis Healthcare said it issued shares of 23.53 million shares through a preferential offer to IHH Healthcare Berhad for about ₹4,000 crore, a measure that helps the Malaysian company take 31.1% of the company .
The Fortis board also approved the appointment of four IHH representatives on the board of the company, he added.
"The acquisition of a majority stake in Fortis Healthcare, a leading healthcare provider in India, represents a transformative investment for IHH and demonstrates our commitment to invest considerable resources to expand and consolidate our presence in India," he said. Tan See Leng. .
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