IHH Healthcare To Acquire Majority Stake In Global Hospitals

KUALA LUMPUR, Aug 29 (Bernama) -- IHH Healthcare Bhd through its unit has Friday entered into definitive agreements with Ravindranath GE Medical Associates Private Ltd and several other parties to acquire a 73.4 per cent equity interest in Global Hospitals Group for about US$195.39 million (RM819 million). (US$1 = RM4.19) To be satisfied in cash, the acquisition will see Global Hospitals, which is a chain of tertiary/quaternary care hospitals in India with facilities across Hyderabad, Chennai, Bangalore and Mumbai and a total 1,100 operational beds, be consolidated as IHH's subsidiary. Global Hospitals Group is renowned for its focus on gastroenterology, hepatobiliary diseases and neurosciences and runs among the largest multi-organ transplant programmes in India. In a filing to Bursa Malaysia (Malaysia's Stock Exchange), IHH said the agreements were entered into between its indirect wholly-owned subsidiary, Gleneagles Development Pte Ltd and also the other parties, namely Dr. K. Ravindranath, Indivision India Partners, Estra Enterprises Pvt Ltd, Worldwide Advisory Pte Ltd, Anand Rathi Financial Services Pvt Ltd and Dr Haranath Policherla. The proposed acquisition will not have any effect on IHH’s issued and paid-up share capital, substantial shareholders’ shareholdings, earnings, net assets or gearing for the financial year ending Dec 31, 2015. Meanwhile, Global Hospitals Group's subsidiaries include the Centre for Digestive and Kidney Diseases (India) Pvt Ltd (64.97 per cent) and Global Clinical Research Services Pvt Ltd (99.68 per cent). -- BERNAMA