Fortis to buy 65% stake in Vietnam hospital chain for $64m

Fortis Healthcare International, the Singapore-based holding company of India's billionaire Singh brothers, said on Wednesday it will buy a 65% stake in Vietnam's Hoan My Medical Corp for USD 64 million.

Hoan My is one of Vietnam's largest private healthcare groups with 700 beds across five hospitals. It will open a new 200-bed tertiary care hospital in Ho Chi Minh City by November 2011. Fortis Healthcare International has been on an acquisition spree since it was set up about a year ago, and now owns clinics and hospitals in several Asian countries including Australia, Hong Kong and Singapore. The Singapore-based firm is held directly by brothers Malvinder Mohan Singh and Shivinder Mohan Singh, who are the main shareholders of India-listed Fortis Healthcare.