IHH revises offer for India's Fortis

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

PETALING JAYA: IHH Healthcare Bhd has issued a revised proposal to buy a stake in Fortis Healthcare Ltd with a binding offer, as competition for control of one of India’s largest private hospital chain operators heats up.

IHH told Bursa Malaysia that it had sent a letter to Fortis offering an immediate capital injection of 6.5 billion rupees (RM382.63mil) for preferential shares at 160 rupees a share and the rights to appoint two directors.