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RHT Health Trust says report on Fortis buyout 'speculative'

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RHT Health Trust says report on Fortis buyout 'speculative'

An RHT Health Trust shareholder called a Bloomberg News report that said it is considering taking the Singapore-listed, India-focused healthcare trust private "speculative."

The shareholder, Fortis Healthcare Ltd., also said, according to a release from RHT, that it "does not comment on speculative positions as a matter of policy."

Fortis informed RHT that the company is continuously looking at its restructuring options for its portfolio, in line with its India-focused strategy. In addition, RHT said that Fortis is still evaluating a proposed fundraising exercise for up to 50 billion Indian rupees, which was announced and approved in 2016. RHT's trustee-manager also said Fortis did not disclose "any conclusive discussions" in relation to the possible fundraising.

Bloomberg reported March 26 that Fortis holds a 29.6% interest in RHT, and the Singapore trust owns certain clinics that Fortis operates. The news outlet added that Fortis is India's second-biggest private hospital chain by market value.

RHT's statement was in response to the Singapore Exchange Securities Trading Ltd.'s query on unusual price movements.

As of March 27, US$1 was equivalent to 65.06 Indian rupees.