KUALA LUMPUR (Nov 13): Four top executives of IHH Healthcare Bhd, including managing director and chief executive officer Dr Tan See Leng, have joined the board of the group's newly-controlled Indian healthcare group Fortis Healthcare Ltd.

In a filing with the Bombay Stock Exchange today, Fortis said the appointment of the four additional directors came after the group completed the preferential allotment of 235.29 million shares to IHH's wholly-owned unit, Northern TK Venture Pte Ltd (NTK).

The allotment resulted in IHH, through NTK, owning a 31.1% controlling stake in Fortis.

Fortis said that apart from Tan, IHH's group chief financial officer Low Soon Teck; group head, strategic planning and business development (merger and acquisition) Dr Chan Boon Kheng; and non-independent, non-executive director Bhagat Chintamani Aniruddha were the others appointed as additional directors.

The reconstituted board now has a total of seven members, Fortis said in a statement.

The group's chairman, Ravi Rajagopal, said the new board will actively provide strategic direction and vision to the group, and will ensure that its focus on clinical excellence, clinical outcomes, patient care and business results remains paramount.

"The board will be working closely with management to further strengthen governance and internal control frameworks on par with other leading organisations," he said.

Tan said with a "clear and holistic strategy" in place, IHH will work with Fortis' board and management to realise the full potential in the latter over the longer term.

"The acquisition of a controlling stake in Fortis, one of the leading healthcare service providers in India, represents a transformational investment for IHH and demonstrates our commitment to invest considerable resources to expand and consolidate our footprint in India," he said.

"We look forward to continually providing the best-in-class healthcare services and delivering excellent clinical outcomes for patients that both IHH and Fortis are known for," he added.

Fortis CEO Bhavdeep Singh said his team is "quite enthusiastic" about working with IHH when healthcare in India is at an "inflection" point.

"We are very encouraged as the business is witnessing signs of stabilisation and our operations have begun to show significant traction. These will be further driven by IHH's investment in the company and the buyback of Religare Health Trust will significantly enhance the operating profitability," he said.

IHH saw its share price fall by 13 sen or 2.78% to close at RM4.54 today, giving it a market capitalisation of RM37.43 billion.

Year to date, the counter has declined by over 22% since trading at RM5.86 on Dec 29.