IHH Healthcare Unlikely to be Impacted by Fortis Legal Proceedings
Dow Jones
Sep 07
0118 GMT - The legal proceedings between Fortis and Daiichi Sankyo aren't expected to have material impact on IHH's associate Fortis's operations, CIMB Securities analyst Chun Sung Oong says in a note. IHH's 31.1% stake in Fortis was acquired through a fresh 40 billion rupee capital injection, with no money paid directly to the former Fortis promoters, the Singh brothers. The acquisition is therefore seen as having been conducted at arm's length, with no evidence of direct dealings with the former promoters, he says. IHH also reaffirmed its intention to gradually raise its stake in Fortis to 51% over the next four years, which is expected to have minimal impact on its target price. CIMB maintains a buy rating on IHH and its target price at 10.30 ringgit. Shares are at 7.96 ringgit.
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