Fortis advised to keep silent on Parkway issue
New Delhi, Tuesday, June 01,2010: India's Fortis Healthcare has been legally advised to keep silent on the Parkway Holdings issue for now, managing director Shivinder Singh said on a conference call on Monday.

Fortis owns 25 percent of Parkway, having bought a stake in the Singapore company two months ago.

Malaysian sovereign wealth fund Khazanah launched an $835-million bid for control of Parkway on Thursday, potentially pitting it against Fortis Healthcare in a battle for Singapore's largest private healthcare provider.

Fortis Healthcare has bought more shares in hospital operator Parkway, setting the stage for a possible battle with Malaysian state investor Khazanah for the Singapore firm.

Fortis bought an additional 350,000 Parkway shares at an average price of S$3.1477 on the open market, raising its stake to 25.37 percent from 25.34 percent previously, Parkway said in a disclosure statement to the Singapore Exchange.

The purchase took place last week before Khazanah, which also owns about a quarter of Parkway, made a $835 million offer to gain majority control of the Singapore firm. Analysts are speculating Fortis may make a counterbid for Parkway.

Ref: The Economic Times
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