This Article is From Mar 27, 2015

Fortis Sells Singapore Hospital for Rs 251 Crore

Fortis Sells Singapore Hospital for Rs 251 Crore
New Delhi: Fortis Healthcare today sold its Singapore hospital to Concord Medical Services (International) Pte Ltd for Rs 251 crore in line with strategy to focus on the domestic market. 
 
"The Board of Fortis Healthcare International Pte Ltd, a step down subsidiary of Fortis Healthcare Ltd based out of Singapore, has decided to disinvest 100 per cent shareholding in Fortis Healthcare Singapore Pte Ltd which holds and operates Fortis Surgical Hospital to Concord Medical Services (International) Pte Ltd for a consideration of Singapore Dollar (SGD) 55 million or Rs 251 crore," Fortis said in a BSE filing.
 
Fortis Healthcare Executive Chairman Malvinder Singh and Executive Vice Chairman Shivinder Singh said: "Our decision to divest is in tune with our stated strategy to intensify our focus on our hospitals and diagnostics business in India." 
 
The deal is expected to be completed on or around April 6, the filing added. 
 
The company said that J P Morgan and Religare Capital Markets acted as financial advisors to Fortis for the transaction.
 
The 31-bed Fortis Surgical Hospital was opened in July 2012.
 
In September 2014, Fortis Healthcare divested 100 per cent stake in healthcare service provider RadLink-Asia and its arm RadLink Singapore to Medi-Rad Associates for SGD 137 million (over Rs 655 crore).
 
RadLink is engaged in providing healthcare services, including outpatient diagnostic and molecular imaging services in Singapore, Fortis Healthcare said.