Friday 29 Mar 2024
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KUALA LUMPUR (Dec 17): IHH Healthcare Bhd said today its wholly-owned subsidiary Northern TK Venture Pte Ltd (NTK) and persons acting in concert will not be able to proceed with the open offer for Fortis Healthcare Ltd for the time being until further orders, clarifications, and directions are issued by the Supreme Court of India or the Securities and Exchange Board of India.

IHH said today that on Friday (Dec 14), the Supreme Court of India had passed an order directing "status quo with regard to sale of the controlling stake in Fortis Healthcare to Malaysian IHH Healthcare Bhd be maintained."

"The board also wishes to clarify that IHH, PPL (Parkway Pantai Ltd) and NTK were not a party to the proceedings before the Supreme Court of India, and that the order does not impact the subscription which was completed on Nov 13, 2018 in accordance with applicable law, resulting in IHH through NTK, owning 31.1% of the expanded voting share capital of Fortis.

"IHH, PPL and NTK are in the process of evaluating the order and seeking appropriate legal advice on this matter and will subsequently decide on the future course of action," IHH said.

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