Fortis buys Singapore diagnostic firm for $50 mn, stock up
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Mumbai, Feb 1 (IANS) Fortis Healthcare said Wednesday it had bought an 85 percent stake in Singapore's Redline-Asia, an outpatient diagnostic chain, for about $50 million (Singapore
$62.9 million).
The stock reacted positively to the news and rose 3.6 percent in early trade to touch an intra-day high of Rs.108.40 at the Bombay Stock Exchange.
"The transaction provides Fortis Healthcare a strong foothold in the premium diagnostics and molecular imaging segment in one of Southeast Asia's most attractive markets besides providing a complementary platform to its upcoming specialty hospital on Adam Road in Singapore," the company said in a regulatory filing.
The acquisition has been routed through Singapore subsidiary.
Redline has four main business segments; diagnostic imaging, molecular imaging, cyclotron (radio-isotopes manufacturing) and GP clinics, Fortis said.
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