Malvinder Singh, one of the promoters and chairman of Fortis Healthcare, clarified on Tuesday that ?it (Fortis) is keeping its options open? in relation to the Malaysian government fund Khazanah’s partial offer to acquire 313 million shares in the largest hospital chain of Asia, Parkway Holdings.
Singh said this in a statement to the Singapore Exchange on Tuesday reacting to speculations in media on Fortis’s fund raising plans and its chances of launching a counterbid to Khazanah’s offer.
Further, Fortis said the board continues to evaluate its options in the best interests of the shareholders of the company. “The company will make further announcements on its response to the Khazanah partial offer as and when a decision has been reached,? Fortis stated. Khazanah announced a $845 million open offer on May 27 to increase its stake in Parkway to 51.5% from the current 24%. Fortis, the largest shareholder in the company with ownership of 25.4% of Parkway, announced its plan to raise Rs 2,750 crore and increased its borrowing limit to Rs 6,000 crore last week. Fortis reiterated on Tuesday that the fund raising plans approved by its board were ?merely enabling resolutions and are subject to requisite approvals.?
The counteroffer has to be kept open for at least 28 days after the document is posted, according to Singapore takeover law. The Parkway share closed at S$3.79 at the Singapore Exchange on Tuesday, marginally above the offered price of Khazanah which stands at S$3.78.