IHH READY TO PROCEED WITH FORTIS OPEN OFFER IF IT GETS SEBI'S GREEN LIGHT

KUALA LUMPUR, Nov 11 (Bernama) -- IHH Healthcare Bhd is ready to proceed with the open offer to acquire an additional 26 per cent stake in Indian healthcare service provider Fortis Healthcare Ltd should it receive the Securities and Exchange Board of India’s (SEBI) approval.

IHH said the recent Supreme Court ruling has not found nor indicated any wrongdoing by IHH in terms of its investment into Fortis in its final written judgment dated Sept 22, 2022.

There is also currently no court order pending against IHH in these proceedings, it said. 

“Accordingly, IHH is now in discussion with SEBI to determine the next steps pertaining to the mandatory tender offer in Fortis, in full compliance with all requisite regulations,” it said in a statement. 

Managing director and chief executive officer Dr Kelvin Loh said: “We certainly understand the frustration Fortis investors have felt over the past four years around the uncertainty of the IHH open offer.

“With the recent Supreme Court judgement ruling making clear that we have conducted our investment into Fortis in a fair and transparent manner, we are discussing with SEBI to move ahead with the offer. Should SEBI concur and approve, IHH is ready to proceed with the open offer as soon as possible.”

Noting that Fortis is IHH’s key growth platform in India, Loh said IHH is hopeful for a positive outcome so that it can explore more avenues to work with Fortis to accelerate its growth plans, “together serving the healthcare needs of patients in India with care and excellence, while protecting the interests of our stakeholders.”

IHH is the largest shareholder in Fortis with 31.17 per cent equity interest, which was acquired via a preferential allotment in November 2018.

-- BERNAMA