KUALA LUMPUR (Nov 18): IHH Healthcare Bhd said today it had at no time dealt with nor colluded with Fortis Healthcare Ltd founders Malvinder Mohan Singh and Shivinder Mohan Singh or any entities related to them in relation to IHH's subscription of a 31.1% stake in Fortis.

In a statement to Bursa Malaysia today, IHH said subscription of the stake comprising 235.29 million new shares in Fortis at INR10 each via Northern TK Venture Pte Ltd (NTK) was undertaken and completed through a process run by the reconstituted Fortis board after Malvinder and Shivinder were no longer in control of Fortis.

"The (IHH) board wishes to clarify that the 31.1% of the expanded voting share capital of Fortis held by IHH through NTK was acquired by NTK through the subscription (i.e. through preferential allotment and not purchase or transfer of existing shares in Fortis), which was completed on Nov 13, 2018. The board also wishes to inform that the subscription was undertaken in a fair and transparent manner, after obtaining the requisite corporate and regulatory approvals and in accordance with all applicable laws," IHH said.

IHH said this today after the Supreme Court of India on Friday (Nov 15) directed Fortis and the Supreme Court registry to register a fresh contempt petition in regard to violation of the court order dated Dec 14, 2018.

According to IHH today, Fortis is evaluating the judgement and seeking appropriate legal advice on the matter.

IHH said that in light of the judgement, NTK's open offers for Fortis as well as Fortis Malar Hospitals Ltd will not proceed for the time being. IHH said the Fortis open offer involves acquisition of up to an additional 26% stake in Fortis.

"IHH remains committed to proceed with the Fortis open offer once the stay is lifted by the Supreme Court of India. The next hearing date for this matter is Feb 3, 2020. IHH is seeking appropriate legal advice on this matter and will subsequently decide on the future course of action," IHH said.

At Bursa's 12:30pm afternoon break today, IHH's share price settled up six sen or 1.12% at RM5.41. IHH saw 341,800 shares traded.