Companies

Fortis finally gets a foothold into Singapore

Our Bureau New Delhi | Updated on March 04, 2011 Published on February 24, 2011

Mr Malvinder M. Singh

BL25_FORTIS.eps

Acquires an under-construction cancer hospital for S$33 m

Less than a year after it failed to buy out Parkway, Fortis Global Healthcare on Thursday said it has acquired an under construction specialised cancer hospital in Singapore for Singapore dollar 33 million (approximately Rs 115 crore). The hospital has been bought out from First Real Estate Investment Trust, a Singapore listed healthcare real estate company.

In July 2010, Fortis had quit a two-way take over battle with Malaysia's Khazanah for acquiring Singapore-based hospital chain Parkway. Parkway was supposed to be the big platform for Fortis' Chairman Mr Malvinder Mohan Singh's plans to create a global healthcare group outside India. But since that deal went down, he has focussed on smaller acquisition through Fortis Global Healthcare, the family's international investment vehicle.

The cancer hospital is the third acquisition by Fortis Global in five months. The company had earlier acquired controlling stake in Hong Kong-based Quality Healthcare, in November 2010 and 30 per cent stake in Dental Corporation, in Australia in January 2011.

Fortis said it aims to complete the construction of the Singapore hospital by the second quarter of 2012. “Through this hospital, we are making a beginning in the highly recognised and competent healthcare delivery system of Singapore. Our group incorporates more than 25 years of experience in healthcare delivery and this hospital would benefit from that experience, to meet patient expectations in Singapore. We will continue to look for opportunities to further expand our presence in the region,” said Mr Malvinder Singh, Executive Chairman Fortis Global Healthcare.

Fortis Global Healthcare Holdings Pte Ltd is owned by the family of Mr Malvinder Mohan Singh and Mr Shivinder Mohan Singh. The family is also the owner of a majority stake in Fortis Healthcare Ltd, which is separately listed in India and has a network of 50 hospitals in the country. Share price of Fortis was down 2.62 per cent at Rs 143.40 on the Bombay Stock Exchange at close on Thursday.

tkt@thehindu.co.in

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Published on February 24, 2011
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