PETALING JAYA: It will be difficult for India’s Fortis Healthcare Ltd to secure the support of Government of Singapore Investment Corp Pte Ltd (GIC) to make a counter bid for Parkway Holdings Ltd as the sovereign fund’s mandate is strictly to invest in companies outside the republic, sources said.GIC declined comment on this issue. News reports in the Indian media stated that Fortis has secured the “tacit support of GIC” to make a counter-offer for Parkway.
“But for GIC to be seen as helping Fortis to buy over Parkway, a Singapore-based and listed healthcare group, it would run counter to the fund’s mandate of only investing out of Singapore,” said a party familiar with the situation. Full Story
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