IHH Healthcare denies collusion with former Fortis owners

Its subsidiary only acquired shares after the exit of its erstwhile owners.

Malaysian-Singaporean IHH Healthcare has not made any deals with the former owners of India-based Fortis Healthcare, the company said in an SGX filing.

IHH clarified that its subsidiary Northern TK Venture (NTK) acquired shares in the firm through preferential allotment, and were made after former owners Malvinder Mohan Singh and Shivinder Mohan Singh made their exit from Fortis.

Also read: KPMG struggles to spot regulatory breaches at IHH Healthcare Berhad

A statement by Fortis said that the Supreme Court of India sought an inquiry on whether the former owners were involved in IHH’s subscription, or on the company’s acquisition of healthcare assets from RHT Health Trust. Fortis asserted that the former owners were not involved in either transactions.

IHH has stalled its offer to buy additional 26% stake in Fortis, expressing plans to proceed with it after the court holds a hearing in February 2020 on the notice of contempt issued to Fortis in 15 November.

Maybank Kim Eng reported that the court recently directed Fortis’ former owners to pay S$664m/US$487m (INR35b) in compensation to Daiichi Sankyo.

Also Read

Singaporeans' physical well-being at highest level since 2019

SingHealth partners with OutcomesAI to integrate AI into medical workflows

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit