Fortis Healthcare International Pte, the Singapore-based holding company owned by India’s billionaire Singh brothers, Malvinder and Shivinder, will acquire 65 per cent stake in Vietnam’s Hoan My Medical Corp for $64 million (Rs 290 crore), the company has said in a statement.
“This acquisition is an important step for Fortis Healthcare International to establish its presence in one of Asia’s fastest-growing regions. Hoan My Medical Corporation has a strong foundation in Vietnam, which we will strengthen further with our group’s experience of more than 20 years in operating tertiary care hospitals,” Malvinder Mohan Singh, group chairman of Fortis Healthcare, commented on the acquisition.
The acquisition will bolster Fortis International in creating an integrated healthcare delivery system across all segments including primary care, specialty day care, diagnostics and hospitals in the Asia-Pacific region.
Established in 1997, Hoan My Medical Corporation is one of Vietnam’s largest private healthcare provider groups with 700 beds across five hospitals. It recorded $23.8 million in revenues in FY10 and will open a 200-bed tertiary care hospital in Ho Chi Minh City by November, 2011.
Vietnam is the 13th most populous country in the world, with a population of around 89 million, and it is the fastest-growing economy with a huge opportunity to consolidate and establish a high-quality, patient-centric tertiary hospital network, the statement has added.
Aiming to evolve into one of the premier integrated healthcare delivery systems in the Asia-Pacific region, Fortis Healthcare International completed the acquisition of Quality Healthcare Ltd, the largest primary healthcare network in Hong Kong, in November, 2010.
In January, 2011, it acquired 30 per cent stake in Australia’s largest dental care chain Dental Corporation Holdings Ltd, for a little over Rs 450 crore (A$100 million).
In February this year, the Singh brothers-backed company further acquired an under-construction cancer hospital from First Real Estate Investment Trust for an estimated Rs 115 crore (S$33 million).
The Singapore-based firm is directly held by brothers Malvinder and Shivinder Mohan Singh, who are the main shareholders of the India-listed Fortis Healthcare.