Singapore's competition watchdog has ruled against Fortis Healthcare divesting 100 per cent of its stake in RadLink-Asia and its arm RadLink Singapore to Medi-Rad Associates for SGD 137 million, the Indian healthcare major said.
"...The regulator, Competition Commission of Singapore, has indicated that if the proposed transaction is completed as contemplated, the combination may result in lessening of competition in the relevant market in Singapore," Fortis Healthcare Ltd said in a filing to the BSE.
Fortis Healthcare Singapore Pte has received the decision from the Competition Commission of Singapore following a review of the proposed transaction, involving the acquisition of RadLink-Asia Pte Ltd and its subsidiaries by Medi-Rad Associates Ltd, an indirect wholly-owned subsidiary of Malaysia's IHH Healthcare Berhad, it added.
"Consequently, Fortis will continue to explore alternate strategic opportunities related to RadLink and any significant decision around that shall be promptly intimated to exchanges," it said.
Last year, Fortis had announced to divest its entire stake in RadLink-Asia and its arm RadLink Singapore to Medi-Rad Associates for 137 million Singapore dollars (SGD).
RadLink is engaged in providing healthcare services, including outpatient diagnostic and molecular imaging services in Singapore.
Fortis shares closed at Rs 154.45 apiece on the BSE, down 5.10 per cent from their previous close in a weak market.
