Fortis Global Healthcare Holdings Pte., controlled by billionaires Malvinder Mohan Singh and Shivinder Mohan Singh, agreed to buy units of Hong Kong-based Quality HealthCare Asia Ltd. for HK$1.5 billion ($193 million).
The purchase will give Fortis Global a network of more than 60 medical centers, at least 500 affiliated clinics and more than 40 dental and physiotherapy centers, the closely held company said in an e-mailed statement today.
The Singh brothers, ranked as among the 20 wealthiest in India by Forbes magazine, owns a majority stake in India-listed Fortis Healthcare Ltd., which this year was beaten to the acquisition of Singapore’s Parkway Holdings Ltd. Fortis Global will spearhead the family’s international health-care expansion, Chairman Malvinder Singh said in the statement today.
“There are tremendous opportunities for growth in the Quality Healthcare businesses, both in Hong Kong and also potentially in China,” Malvinder Singh said in the statement.
Quality HealthCare, whose shares have been suspended from Oct. 5, applied to resume trading tomorrow morning. The company retained its elderly health-care businesses and will consider paying a special dividend using part of the proceeds, it said in a statement to the Hong Kong stock exchange today.
In July, Malvinder Singh said he would be looking for another company to build upon after walking away from a bidding war for Parkway, Asia’s largest hospital operator.