Fortis Global Healthcare is soon going to acquire the health care businesses of Hong Kong listed Quality Healthcare Asia Limited (QHA), other than QHA’s elderly healthcare businesses. This acquisition is an important step towards a pan-Asian healthcare platform for Fortis.
This acquisition marks an important step in achieving the family’s vision of creating a premier pan-Asian healthcare business which satisfies the ever-rising demand for high quality health care. The five subsidiaries of QHA being acquired by Fortis Global Healthcare are Quality HealthCare Limited (BVI), Quality HealthCare Medical Holdings Limited (HK), Quality HealthCare Medical Services Limited (HK), Quality HealthCare Services Limited (BVI) and Portex Limited (HK).
Fortis intends to build and aggregate health care businesses and assets internationally, covering various segments of health care from hospitals to diagnostics, primary care and other health care segments to create an integrated healthcare business with high quality medical professionals and infrastructure.
QHA is the largest private integrated healthcare service platform in Hong Kong, providing medical services and allied health services. The acquired businesses comprise a network of over 60 wholly-owned medical centres, over 500 affiliated clinics, over 40 dental and physiotherapy centres, and a private nursing agency with a database of over 3,000 nurses. For the financial year ending 2009, QHA recorded consolidated revenues of US$ 131 million and EBIDTA of circa US$ 13.1 million.
Malvinder Mohan Singh, chairman, Fortis Global Healthcare, said, “Fortis Global Healthcare will be our vehicle of growth for international healthcare businesses outside India, allowing Fortis Healthcare in India to continue to focus on the tremendous growth in the Indian hospital business. Quality Healthcare is a premier healthcare brand in Hong Kong and is Hong Kong’s leading private healthcare provider. We believe that there are tremendous opportunities for growth in the Quality Healthcare businesses, both in Hong Kong and also potentially in China and will look to support the management and professionals of the Quality Healthcare team in realising such growth.”
According to Shivinder Mohan Singh, director of Fortis Global Healthcare, “We are delighted to have the opportunity to work together with a leading health care team in furthering our growth in Asia. The management team and the medical professionals in Quality Health care have done a tremendous job to build a first class platform which has delivered consistent growth.”
In addition to Fortis Global Healthcare, the family also owns a majority stake in India-listed Fortis Healthcare Limited, a leading hospital chain in India.