Fortis sells stake in Mauritius firm MSCL

September 6, 2019 0 By FM

Fortis Healthcare announced the sale of its nearly 29 per cent stake in Mauritius-based Medical and Surgical Centre Ltd (MSCL).

Fortis has a 28.89 percent stake in MSCL, while its Mauritius-based partner CIEL Healthcare holds 58.6 percent. The rest is held by other shareholders.

MSCL has a market capitalisation of 55 million dollars (about Rs 380 crore).

The share of Fortis will fetch it about 16 million dollars (about 110 crores).

The decade-old partnership agreement between CIEL and Fortis ended on December 31 last year.

MSCL is listed on development and enterprise market of the Stock Exchange of Mauritius. It owns two hospitals in the island nation: Clinique Darne and the Wellkin Hospital.

Shareholders of Fortis Healthcare approved a resolution allowing the hospital chain to sell its stake in MSCL, according to a company statement.

They also approved the modification of the terms of the non-convertible bonds issued by its subsidiary companies.