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Stamford Law Corporation
June, 2010 - Singapore, Singapore
Stamford Law advises Fortis on acquisition of Parkway
Stamford Law Corporation is advising Indian major hospital chain, Fortis Healthcare Ltd (“Fortis”) in the voluntary conditional cash partial offer of $1.183 billion by Khazanah Nasional Berhad (“Khazanah”), through its wholly-owned subsidiary Integrated Healthcare Holdings, to acquire 313,000,000 ordinary shares in the capital of Singapore-based Parkway Holdings Ltd (“Parkway”). Parkway, Asia’s largest hospital operator, runs 16 hospitals in Singapore, Brunei, Malaysia, India and China. Fortis had acquired a substantial stake in parkway in March this year and is currently the largest shareholder owning 25.3 per cent of the hospital operator. Khazanah’s partial offer, if accepted, will increase its current shareholding in Parkway from 23.8 per cent to 51.5 per cent. Parkway’s shareholders have been given until July 8 to cast their votes on the partial offer. The Securities Industry Council (“SIC”) has given Fortis a deadline of July 30 to declare whether it will be making a general offer for Parkway.
Directors Lee Suet Fern, Yap Lian Seng and Lean Min-Tze lead the Stamford team.
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