IHH Healthcare's partner interested in buying out this JV

TheEdge Tue, Feb 25, 2020 01:26pm - 4 years View Original


KUALA LUMPUR (Feb 25): IHH Healthcare Bhd's joint venture (JV) partner Apollo Hospitals Enterprise Ltd is interested in buying out IHH's stake in the Apollo Gleneagles hospital in Kolkata, India, to gain full control of the asset, Business Standard reported quoting Apollo Hospitals managing director Suneeta Reddy.

It was reported that the Apollo Gleneagles hospital is a 50:50 JV between Apollo Hospitals and Parkway Group, which is a part of IHH.

“We do have an interest in buying out that JV. We think Kolkata has potential and Apollo’s brand name in that market is very strong,” Reddy was quoted as saying on Monday (Feb 24) during Apollo Hospital’s earnings call for the quarter ended December 2019.

Business Standard reported that Apollo Hospital sources had earlier said it was waiting for talks to be held with IHH on the share pricing and legal matters.

At the time of writing this theedgemarkets.com report, IHH had not issued a statement in response to Apollo Hospitals' interest to buy out IHH's stake in the Apollo Gleneagles hospital.

At Bursa Malaysia's 12:30pm break today, IHH's share price settled up seven sen or 1.25% at RM5.67 for a market capitalisation of RM49.66 billion. IHH saw 1.27 million shares traded.

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