March 5, 2011 @ 12:27 am
India and Singapore based Asia Pacific’s fastest growing healthcare provider buys minority 28.6% stake in Lanka Hospitals for Rs. 4 b
Fortis Global Healthcare Holdings Pte. Ltd, a company owned by Malvinder Mohan Singh and Shivinder Mohan Singh yesterday acquired 28.6% in Lanka Hospitals Corporation Ltd., (formerly Apollo Hospital) for Rs. 4 billion. This marks the entry of Fortis Global in one of Asia's fastest growing economies.
Fortis said the acquisition was in line with its vision of creating a Pan Asia healthcare platform and provides an access to one of the fastest growing economies in Asia.
Fortis’ latest acquisition, the fourth in five months, marks an important step in achieving the Singh family’s vision of creating a premier global healthcare group outside India. In the last four months, Fortis has acquired the largest private primary care company in Hong Kong, invested in the largest dental care company in Australia and announced the acquisition of a cancer speciality hospital project in Singapore.
Fortis Global Healthcare is spearheading the creation of a global integrated healthcare platform.
It intends to build and aggregate healthcare businesses and assets across all healthcare segments including diagnostics, primary care and hospitals. The objective is to create an integrated healthcare business, leveraging of synergies and scale, driven by quality medical professionals and infrastructure and providing patient-centric care and healing.
In addition to Fortis Global Healthcare, the family also owns a majority stake in the Indian-listed Fortis Healthcare Limited, a leading hospital chain in India.
Fortis Global Healthcare Executive Chairman Malvinder Mohan Singh said: “Lanka Hospitals is the first step for Fortis Global to build its healthcare business interest in one of the fastest growing economies in Asia. It is one of the most advanced and comprehensive healthcare facility in Sri Lanka. We believe there are tremendous opportunities for the hospital’s expansion and we will support the company’s management in realising such growth.”
The execution on the Colombo Stock Exchange was achieved and completed through Religare Capital Markets joint-venture with Bartleet Mallory Stockbrokers Ltd, Sri Lanka, also the sole financial advisor to Fortis on the transaction.
Fortis Global Healthcare Holdings Pte. Ltd is committed to providing premier patient-centric healthcare across Asia and Australia. Fortis Global Healthcare is owned by the family of Malvinder Mohan Singh and Shivinder Mohan Singh (the "Promoter Family"). Fortis Global Healthcare's vision is to become a premier global integrated healthcare provider, spanning the healthcare spectrum, from hospitals to diagnostics, primary care and other healthcare segments.
The Promoter Family is also the owner of a majority stake in Fortis Healthcare Limited, which is separately listed and is a leading hospital operator in India. The Fortis Healthcare network’s capability covers multi-speciality hospitals and super-speciality centres that provide tertiary and quaternary healthcare to patients in the major medical specialities in India.
Lanka Hospitals is a renowned tertiary care healthcare delivery provider and currently one of the largest hospital groups in Sri Lanka. The hospital speacialises in cardiology and cardiac surgery, neuro-sciences, orthopedics and complex urology/nephrology procedures. The 350 bed hospital is majority owned by Sri Lanka Insurance Corporation Ltd, a Government of Sri Lanka company.