KUALA LUMPUR: IHH Healthcare Bhd
announced that certain subsidiaries of India’s Fortis Healthcare Ltd have entered into definitive agreements with MGM Healthcare Private Ltd in relation to the divestment of Fortis Malar Hospital, Chennai (Malar Hospital) and related assets.
The proposed divestment will be undertaken for an aggregate consideration of approximately RM71.9 million (1,28,00,25,000 rupees), it said in a filing to Bursa Malaysia.
It said the business operations of Malar Hospital are housed within a listed subsidiary of Fortis -- Malar, and a wholly-owned subsidiary of Fortis, that is Fortis Health Management Ltd (FHML).
The land and building comprising Malar Hospital and related/adjacent real estate assets concerning Malar Hospital are housed in two wholly-owned subsidiaries of Fortis, namely FHML and Hospitalia Eastern Private Ltd.
"The company remains committed to completing the Fortis Open Offer and the Malar Open Offer in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,” it noted.
