Fortis units in talks to explore possibility of selling stakes in RHT Health Trust, trustee-manager

RHT Health Trust Manager, in its capacity as trustee-manager of RHT Health Trust (RHT), said in a regulatory filing with the Singapore Exchange on Sunday that it has been notified by Fortis Healthcare International (FHIL), a controlling unitholder of RHT, and Stellant Capital Advisory Services, the sole shareholder of the trustee-manager, that they have each begun talks with various parties to explore the possibility of sale of their interests in the trust and the trustee-manager respectively.

This is subject to the applicable corporate/shareholder approvals and regulatory approvals, including approvals from the Singapore Exchange Securities Trading Limited and regulators in India.

FHIL and Stellant are both wholly-owned subsidiaries of India's Fortis Healthcare (Fortis).

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).

Each of FHIL and Stellant has further notified the trustee-manager that these discussions are preliminary and that no firm proposal has been received. FHIL and Stellant have also indicated that they will inform the trustee-manager of any further developments. 

There is no certainty that any transaction will materialise from the foregoing discussion. "Unitholders and potential investors are advised to exercise caution in trading of the units of RHT and to refrain from taking any action which may be prejudicial to their interests," the trustee-manager said.

In January this year, RHT completed the disposal of its entire portfolio of healthcare assets to Fortis for about S$895.55 million. The trust's assets included its interests in 12 clinical establishments, four greenfield clinical establishments, as well as two operating hospitals in India.