IHH Healthcare scraps plan to buy India’s Fortis Healthcare’s Singapore unit

Malaysia’s IHH Healthcare Bhd, Asia’s largest hospital operator by stock market value, has scrapped its proposal to buy Singapore’s IHHRadlink-Asia Pte Ltd for 346.53 million ringgit ($93.31 million).

The company said the deal fell through due to non-satisfaction of certain conditions in the sales and purchase agreement, according to a stock exchange filing to the local bourse late on Friday.

Radlink-Asia, a unit of India’s Fortis Healthcare Ltd, provides healthcare services including outpatient diagnostic and molecular imaging services in Singapore.

Further to the announcement dated 12 September 2014, the Board of Directors of IHH Healthcare Berhad (“the Company”) wishes to announce that the Sale and Purchase Agreement (“SPA”) entered into between Medi-Rad Associates Ltd, an indirect wholly-owned subsidiary of the Company, and Fortis Healthcare Singapore Pte. Limited to acquire 100% of the issued ordinary shares in Radlink-Asia Pte Ltd has lapsed and ceased to be of effect as of today due to the non-satisfaction of certain conditions precedent stipulated in the SPA.

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