IHH Healthcare acquires 51% stake in Continental Hospitals for Rs 2.82B

IHH Healthcare Bhd said it has acquired a 51% stake in India-based Continental Hospitals Ltd for INR2.82 billion, equivalent to RM166.73 million.

According to a filing with Bursa Malaysia this evening, IHH Healthcare (fundamental: 1.65; valuation: 0.7) said its indirect wholly-owned subsidiary Gleneagles Development Pte Ltd had acquired 71.08 million ordinary shares in Continental Hospitals today.

“The principal activity of Continental Hospitals is delivering primary, secondary, tertiary and quaternary healthcare services,” the group told the local exchange.

IHH Healthcare’s share price rose four sen or 0.69% to RM5.81, with 4.91 million shares done, giving it a market capitalisation of RM47.52 billion. The Edge Malaysia