IHH dismisses report it’s close to buying India’s Fortis

Gleneagles Hospital

KUALA LUMPUR: IHH Healthcare Bhd has dismissed news report that it was in an advanced stage of negotiations and due diligence to buy a majority controlling stake in India’s Fortis Healthcare Ltd.

In a reply to Bursa Malaysia query, the healthcare services provider said although the company was constantly evaluating growth opportunities in select geographies in Asia, including India which is its fourth home market, it was not in any negotiation now.

“IHH is not, nor is it close to, concluding any negotiations or due diligence or transactions in India at this point in time,” it said.

The stock exchange has queried IHH on the story that appeared in a local daily (not The Star), especially the line that read, “IHH and Fortis Healthcare Ltd are said to be in advanced stage of negotiations and due diligence.”

IHH also said should any transaction materialise, the board would make the appropriate announcements in accordance with the Main Market listing requirements of Bursa Malaysia Securities Bhd.

Besides India, IHH has presence in nine other countries, with home markets being Turkey, India, Malaysia and Singapore while China, Hong Kong, Macedonia and Bulgaria are seen as key markets.

It is also operating in Iraq, the United Arab Emirates and Brunei. In total, it has over 10,000 beds across these countries. - Bernama