Fortis Healthcare on Monday announced sale of its stake in Hong Kong-based Quality Healthcare to Bupa for $355 million to cut its debt.
Fortis Healthcare, promoted by Malvinder Singh and Shivinder Singh, holds the stake in Quality Healthcare through its Singapore subsidiary Fortis Healthcare International Pte Ltd.
“Fortis Healthcare International Pte Ltd... today announced its decision to sell its 100 per cent stake in Altai Investments Limited, the holding company for Quality Healthcare, Hong Kong, to Bupa, for $355 million,” the company said in a release.
The deal is expected to be completed by the end of this month.
“The divestment clearly aligns our business with our stated priorities. We have taken a strategic decision to intensify our focus on our core hospital and diagnostic business in India with a clear path to profitability,” the release quoted the Singh brothers as saying.