KUALA LUMPUR (April 19): IHH Healthcare Bhd said today it had yesterday (April 18) issued a non-binding letter to Fortis Healthcare Ltd to express IHH's readiness to infuse up to INR4,000 crores into Fortis via a preferential share allotment at a price not exceeding INR160 (about RM9.44) a share.

IHH said in a statement to Bursa Malaysia the plan forms a part of IHH's proposal to participate in Fortis.

"The infusion is intended to fund the buyout of the assets from RHT Health Trust as well as provide immediate liquidity towards working capital and infrastructure upgrades. The board of Fortis has acknowledged receipt of the letter and indicated that it is scheduled to meet on April 19, 2018 to consider all options. At this juncture, IHH has not entered into any discussions, negotiations or transactions.

"IHH will make appropriate announcement(s) to Bursa Malaysia Securities Bhd in a timely manner in accordance with the Main Market listing requirements of Bursa Securities should there be any further material development on this matter. The shareholders of IHH or investors should exercise caution and seek appropriate independent advice when dealing in the shares of IHH," it said.

At Bursa Malaysia, IHH shares settled at RM6.11 at 12:30pm for a market value of RM50.51 billion. The stock saw 1.78 million shares traded.