Fortis Units Exploring Possible Sale Of Stakes In RHT Health Trust, Trustee-Manager

Fortis Healthcare International (FHIL) and Stellant Capital Advisory Services have begun talks with various parties to explore the possibile sale of their interests respectively in Singapore-listed RHT Health Trust (RHT) and its trustee-manager.

FHIL is a controlling unitholder of RHT while Stellant is the sole shareholder of RHT Health Trust Manager.

Any sale would be subject to the applicable corporate/shareholder approvals and regulatory approvals, including approvals from the Singapore Exchange Securities Trading Limited and regulators in India, RHT Health Trust Manager said in an exchange filing on Sunday (April 7).

FHIL and Stellant are both wholly-owned subsidiaries of India’s Fortis Healthcare (Fortis).

Fortis has a total interest of 27.82 per cent of the units in RHT, comprising 25.14 per cent held by FHIL and 2.68 per cent held by the trustee-manager.

FHIL and Stellant have further notified the trust’s manager that these discussions are preliminary and that no firm proposal has been received. FHIL and Stellant have also indicated that they will inform of any further developments.

There is no certainty that any transaction will materialise from the foregoing discussion. “Unitholders and potential investors are advised to exercise caution in trading of the units of RHT and to refrain from taking any action which may be prejudicial to their interests,” the trustee-manager said.

In January this year, RHT completed the disposal of its entire portfolio of healthcare assets to Fortis for about $895.55 million. The trust’s assets included its interests in 12 clinical establishments, four greenfield clinical establishments, as well as two operating hospitals in India. – The Straits Times

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