Malaysian funds swap Apollo Hospital stakes
Malaysian sovereign wealth fund Khazanah Nasional Bhd has invested INR470 crore ($104 million) in leading Indian healthcare chain Apollo Hospitals, taking a 8.82 % stake from Bisikan Bayu Investments, another Malaysian government fund.
The transaction was made by Integrated (Mauritius) Healthcare Holdings, an investment vehicle of Khazanah, and made under an internal arrangement within the Malaysian government. After the share transfer, it is understood that Bisikan Bayu Investments will still hold approximately 3.3% of Apollo's shares.
The news comes less than one year after the Chennai-based hospital group was approached by Indian specialty hospitals firm Fortis Healthcare. Fortis had previously bought a 23.9% stake in Singaporean healthcare operator Parkway Holdings Ltd., which it had hoped to raise to a controlling 51% stake but lost the bidding war to Khazanah. Apollo's total revenue had increased by 27.4% to Rs.18.997 million ($4.2 billion) from fiscal year 2010.
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