IHH Healthcare denies collusion with former Fortis owners

Its subsidiary only acquired shares after the exit of its erstwhile owners.

Malaysian-Singaporean IHH Healthcare has not made any deals with the former owners of India-based Fortis Healthcare, the company said in an SGX filing.

IHH clarified that its subsidiary Northern TK Venture (NTK) acquired shares in the firm through preferential allotment, and were made after former owners Malvinder Mohan Singh and Shivinder Mohan Singh made their exit from Fortis.

Also read: KPMG struggles to spot regulatory breaches at IHH Healthcare Berhad

A statement by Fortis said that the Supreme Court of India sought an inquiry on whether the former owners were involved in IHH’s subscription, or on the company’s acquisition of healthcare assets from RHT Health Trust. Fortis asserted that the former owners were not involved in either transactions.

IHH has stalled its offer to buy additional 26% stake in Fortis, expressing plans to proceed with it after the court holds a hearing in February 2020 on the notice of contempt issued to Fortis in 15 November.

Maybank Kim Eng reported that the court recently directed Fortis’ former owners to pay S$664m/US$487m (INR35b) in compensation to Daiichi Sankyo.

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