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Fortis Healthcare provides undertaking to settle outstanding amounts: RHT Health Trust
SOME 144 million Indian rupees (S$2.87 million) in compulsorily convertible debentures (CCDs) interest remains due to RHT Health Trust from Fortis Healthcare (FHL) entities, RHT said in an update on Wednesday.
These are for the nine-month period ended Dec 31, 2017. On top of that, there are outstanding interest payments due as a result of the late payment of the service fees for 9M FY2018 to RHT's wholly owned subsidiaries.
In addition, there are also service fees due for the fourth quarter ended March 31, 2018 which have not been paid by the Fortis entities, it added. Interest continues to accrue on the Q4 outstanding amounts.
"FHL has provided an undertaking to the RHT entities and (RHT Health Trust Manager) to settle the outstanding CCD interest, the 9M FY2018 service fees interest, the Q4 outstanding amounts and the interest, in tranches, and by June 20," RHT said. "The relevant FHL entities have also issued post-dated cheques dated July 31, 2018, in respect of the amounts owing under the outstanding CCD interest and the Q4 outstanding amounts."
FHL, which is the trust's sponsor, has become a target of a takeover battle, with five entities bidding for the embattled company, Reuters reported this week. Bidders include Manipal Hospitals Enterprises, and Malaysia and Singapore-listed IHH Healthcare.