Fortis to acquire 23.9% stake in Parkway Holdings

Estimated to be about S$959.4 million, the deal between Fortis Healthcare and TPG Capital will enable the Indian firm to be Parkway's major shareholder.

In line with the acquisition, Fortis intends to nominate Malvinder Mohan Singh as the Chairman of the Board of Directors of Parkway as well as seek 4 seats on the board of directors.

Fortis Healthcare Chairman Mr. Malvinder Mohan Singh said, "Singapore is renowned as the international medical hub for high quality healthcare services, with access to a ready pool of experienced nursing staff, specialist medical practitioners and the latest medical technologies and treatments."

He added, "Parkway's strong presence in Malaysia with the Pantai Group of Hospitals gives us great confidence. This acquisition will significantly expand our footprint across the region and place us strategically for geographical and clinical leadership in Asia, a big step closer to our vision of establishing a global healthcare delivery network."

Fortis Healthcare Limited, headquartered in New Delhi, has operations in 16 cities spread over 11 States around India. According to Fortis, the deal will enable them to establish a Pan-Asian presence increasing its network to 62 hospitals with combined bed strength of over 10,000 beds.

Meanwhile Dr. Lim Cheok Peng, Parkway's Executive Vice Chairman and Chief Executive Officer, said, "We are pleased to welcome Fortis as a new major shareholder of Parkway. There are lots of synergies which Parkway can leverage on and we look forward to working with Fortis to take Parkway to the next level."