The S$3.2 billion bidding war between the Singh family and Khazanah, the investment holding arm of the Government of Malaysia, for Parkway Holdings Ltd has taken a new twist.
Khazanah had given itself until today to make another offer for Asia's largest hospital operator, but it has been announced that it will delay a decision for a further two and a half weeks. Khazanah made an original offer of S$3.78 per share in May before the Singh family countered with S$3.80.
The Singh's offer has been made through RHC Healthcare Pte Ltd, a company jointly owned by RHC Holding Private Limited, the holding company of Malvinder (pictured) and Shivinder Singh, and Fortis Healthcare Ltd. Malvinder, is the second-generation chairman of Fortis while brother Shivinder is managing director.
Fortis, India's second-biggest hospital operator, already owns a quarter of Parkway and is now looking to buy the remaining 74.73% in order to create the premier healthcare services network in Asia. "We see great value in the Parkway brand and believe that Fortis and Parkway together will become a world-class global healthcare organisation," said Malvinder.
Fortis's latest expansion plans come a year after it paid $187 million to acquire 10 hospitals from India's Wockhardt Hospitals, a subsidiary of the family-run Wockhardt pharmaceutical group. (Continue reading here).
Brothers Malvinder, 37, and Shivinder Singh, 34, took over the family business after the death of their father Dr Parvinder Singh in 1999. Both brothers are listed as India's 17th-richest with a net worth of $3.2 billion.
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