Malaysia's sovereign fund Khazanah launched an $835 million offer to gain control of Singapore's largest private healthcare provider, Parkway Holdings, setting it against Fortis Healthcare.

Thursday's offer comes just two months after hospital chain operator Fortis bought a 23.9 percent stake in Parkway from U.S. buyout firm TPG for $685 million.

A spokeswoman for Fortis Healthcare said she had no immediate comments on Khazanah's offer.

Khazanah's Integrated Healthcare unit offered S$3.78 a share for Parkway shares or a premium of 25 percent over Parkway's last traded price. This will allow it to raise its stake in the Singapore firm to 51.5 percent in a S$1.18 billion ($835 million) deal. Currently, it has a stake of nearly 24 percent.

CIMB and Deutsche are financial advisers to Khazanah's unit.

In March, Fortis said it had no immediate plans to raise its stake in Parkway and planned to work with the Singapore firm in expanding across the region. Fortis Chairman Malvinder Mohan Singh was to be nominated as chairman of Parkway.

"The partial offer enables Parkway shareholders to realise the value for some of Parkway shares now, at a significant premium to its last closing price, and at the same time retain an interest in its exciting future," Ahmad Shahizam Mohd Shariff, director of Khazanah's unit Integrated Healthcare said in a statement.

Khazanah said the group plans to consolidate its existing stakes in Parkway, Pantai, Apollo and IMU to become Asia's premium regional healthcare platform.

Shares in Fortis Healthcare rose as much as 8.2 percent after Malaysia's sovereign fund Khazanah offered to raise its stake in Singapore healthcare firm Parkway Holdings, in which the Indian firm owns a 25 percent stake.

At 0421 GMT, Fortis shares were trading 6 percent higher at 148 rupees in a Mumbai market that had gained 0.2 percent.

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