PETALING JAYA: IHH Healthcare Bhd has won the bid for India's Fortis Healthcare Limited.
IHH this morning announced that its indirect wholly-owned subsidiary Northern TK Venture Pte Ltd (NTK) has proposed to buy a 31.1% stake in Fortis by way of preferential allotment for RM2.35 billion, at RM 9.98 per share.
IHH will launch a mandatory open offer to acquire a 26% stake in Fortis for RM1.97 billion. It will also undertake a mandatory open offer to buy a 26% stake in Fortis Malar Hospitals Limited for RM17 million.
The applications to the relevant authorities in relation to the proposals are expected to be submitted within two weeks.
Barring unforeseen circumstances and subject to all required approvals being obtained, the proposals are expected to be completed in the fourth quarter of 2018.