Fortis completes sale of stake in Vietnam hospital chain

Fortis Healthcare yesterday announced the completion of the sale of its entire 65-per cent stake in Vietnam-based hospital chain Fortis Hoan My Medical Corporation for $80 million.

The healthcare major had, in June, entered into an agreement for sale of its entire stake in the Vietnam hospital chain to Viva Holdings Vietnam.

''The transaction has been concluded on August 20, 2013,'' Fortis Healthcare said in a filing with the BSE.

Fortis Healthcare International, a subsidiary of Fortis Healthcare, had acquired the stake in 2011 for $64 million.

Hoan My Medical Corporation, established in 1997, is one of Vietnam's largest private healthcare provider groups, with 700 beds across five hospitals.

The Fortis scrip was up at Rs95.30 a piece on the BSE on Tuesday, rising 0.47 per cent from their previous close.