A letter to the SIC by Fortis' legal representatives said the release issued on Wednesday by Integrated Healthcare Holdings, arm of Khazanah, calls into question the purpose and intention behind it. IHHL had said it has received the approval of the majority of eligible shareholders of Singapore-based hospital chain Parkway who have so far voted on its partial offer.
Parkway, which is the biggest listed hospital chain in Asia, is now at the centre of a probable bidding war between the Singh Family-promoted Fortis Healthcare and Khazanah.
The battle for control of Parkway Holdings, Asia's largest hospital chain, is set to be fought in Singapore. Khazanah, the Malaysian government-owned investment fund, which is the second largest shareholder in Parkway through Integrated Healthcare Holdings, has fired the first salvo by offering S$1.18 billion (US $710 million or over Rs 3,900 crore) for a majority stake in the company that is currently controlled by the Singh-family promoted Fortis Healthcare.
Malaysia's sovereign fund Khazanah on Monday offered to acquire full control of Parkway at SGD 3.95 per share with rival India's Fortis Healthcare agreeing to sell its entire stake in the hospital chain.
There were more than three losers against every gainer on BSE
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