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IHH Healthcare has divested a 29.9 per cent stake in PCH Holding (formerly Parkway China Holding Co) to China's TK Healthcare Investment (Taikang).
The divestment was done through a combination of a secondary sale of shares by Parkway Group Healthcare (PGH) and proposed allotment of shares by PCH to Taikang.
The primary proceeds were 807.11 million yuan (S$164.37 million) while the actual secondary proceeds came to 304.91 million yuan, subject to post-closing adjustments and transactional adjustments to be determined by the sales and purchase agreement.
PGH, PCH and Taikang have entered into a shareholders' agreement, under which Taikang has granted PGH an option exercisable at any time during a specified period to require Taikang to purchase from PGH shares equivalent to 10.1 per cent of the total issued share capital of PCH, at a consideration to be determined at a later date, IHH said.