Morgan Stanley Asia’s affiliate, UK-based Front Point Management, has purchased another 110,000 shares of Parkway Holdings, the Singapore-listed firm that runs Asia’s largest hospital chain, from the open market.
Front Point had purchased 75,000 shares of Parkway Holdings last week. The disclosure was made by Morgan Stanley Asia to Singapore Stock Exchange today, as it is acting as independent advisor to the Parkway board on the share purchase offer made by Malaysian investment firm Khazanah.
The shares were purchased for S$ 3.85 a share, higher than Khazanah’s offer price of S$ 3.78 a share. Morgan Stanley stated the shares were purchased by its associate on behalf of a “discretionary investment client”.
The management control of Parkway is currently with India’s Fortis Healthcare, which acquired 23.9 per cent stake in Parkway for S$959 million (around Rs 3,000 crore) in May. The company increased its stake to 25.3 per cent through open market purchase of shares later. Khazanah had formally informed Parkway of its intention to acquire 51 percent stake in Parkway by increasing its stake from the current 23.32 per cent to 51.5 per cent by purchase of 313 million shares.