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IHH clears hurdle but Fortis MTO still uncertain

admin2022-10-133

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PETALING JAYA: On the surface of it, IHH Healthcare Bhd appears to have cleared an important hurdle with regards to its 31.1% associated investment in Fortis Healthcare.

This follows after the Supreme Court in India declared that IHH was not guilty of any wrongdoing pertaining to the investment which was made back in 2018.

Whether IHH would be able to proceed and execute the mandatory takeover offer (MTO) to increase its stake in Fortis by another 26.1% stake to a more meaningful level is the main question now.

Analysts appear to be upbeat on the prospect of this happening. However the reality of the situation may prove otherwise.

IHH said that it is obtaining further advice and is in discussions with relevant authorities to determine the next step, in full compliance with all requisite regulations in India.

Following this, the group reiterated its commitment to Fortis in its stock exchange filing and said that it will continue to grow its operations there and execute its business plans.

“Over the last quarter and through the pandemic, Fortis has anchored its claim as one of the leading healthcare platforms in India and IHH is committed to stand firm on Fortis’ side to continue this growth journey,” it said.

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Despite being upbeat on the situation, analysts are also tempering these expectations and have cautioned that things can still take an unexpected turn.

“We feel upbeat post the management briefing, given that the near-term hurdle for IHH has been resolved. However the lingering RHT Health Trust (RHT) Fortis deal may continue to weigh on near-term investor sentiment until the final court order is released,” RHB Research said in its report.

“We understand the current decision by the court on the acquisition of RHT by Fortis remains an overhang, as the High Court – the executing court – can still initiate a forensic audit if it deems the transaction as inappropriate,” it noted.

RHB Research noted that as the MTO hurdles appear to be resolved, the incremental earnings contributions that may materialise after this MTO would also mean a potential 4% upside revision to its current target price of RM7.42 in which it had a “buy” call on the counter.

IHH’s acquisition of a 31.1% stake in Fortis in November 2018 had triggered a MTO to acquire an additional 26.1% stake.

However, IHH was caught in the crossfires between Daiichi Sankyo Co and the Singh brothers when the former filed a lawsuit to recover an arbitration award of over US$500mil (RM2.32bil) from the latter.

The Supreme Court had then issued a status quo order that prevented all parties involved from taking any further actions that has put the the Fortis open offer on hold.

Hong Leong Investment Bank (HLIB) Research pointed out that these acquired shares then into Fortis by IHH was by way of new shares subscription, instead of open market purchases.

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