Fortis Healthcare drops plan to sell stake in RHT Health Trust, trustee manager

INDIA'S Fortis Healthcare has decided to close the bidding and search process to explore the possibility of sale of interest in Singapore-listed RHT Health Trust (RHT) and its trustee manager RHT Health Trust Manager (RHTTM).

This was after no firm, commercially viable proposal was received and no binding or non-binding agreement was reached with Fortis Healthcare (Fortis) and its wholly-owned subsidiaries, Fortis Healthcare International (FHIL) and Stellant Capital Advisory Services, in connection with the sale.

Fortis, FHIL and Stellant have therefore ceased to actively explore other options for RHT and/or the trustee-manager, RHTTM said in a regulatory filing on Monday night.

But an open invitation had been extended to interested parties to submit proposals for the proposed sale, followed by preliminary discussions after evaluation of said proposals with professional advisors.

Fortis has a total interest of 27.82 per cent of the units in RHT, comprising 25.14 per cent held by FHIL and 2.68 per cent held by the trustee-manager (a wholly-owned subsidiary of Stellant). Intentions for the sale of FHIL's and Stellant's interests were made known in April this year.

RHTTM said that it would continue to consider various options available to the trust, including identifying a possible new business that will satisfy Singapore Exchange requirements for a new listing, or the winding up of RHT.

According to listing rules, SGX will remove RHT from its official list if the trust is unable to meet requirements for a new listing within 12 months from the time it becomes a cash trust. The trustee manager may apply for a maximum six-month extension if it has signed a definitive agreement to acquire a new business, which needs to be completed within the six-month extension.

Units in RHT closed flat at 1.9 Singapore cents on Monday before the announcement.