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Friday, March 12, 2010

Fortis to fund Parkway buy via loan, rights

Hospital chain Fortis Healthcare plans to fund its stake buy in Singapore's Parkway Holdings through a short-term loan and money raised through its recent rights issue, a top official said.

The company will go for a short-term loan to fund the deal as it puts in place a plan to raise money through equity, warrants, or currency bonds, Managing Director Shivinder Mohan Singh told reporters today.

Fortis Healthcare said on Thursday it would buy 23.9 per cent of Singapore's Parkway Holdings from US buyout firm TPG Capital in a $685 million deal that will give the Indian hospital chain a foothold in Singapore and Malaysia and make it the biggest private hospital network in Asia.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Thursday, Jul 17
11:30 Average Earnings Including Bonus (3Mo/Yr) 2 5.0% 5.0% 5.4% Revised from 5.3%
11:30 Average Earnings Excluding Bonus (3Mo/Yr) 2 5.0% 4.9% 5.2%
11:30 Imports (MoM) 1 19,469M
11:30 Exports (MoM) 1 23,300M
11:30 Trade Balance 1 5,790M 4,008M Revised from 3,831M
18:00 Retail Sales (YoY) 1 3.3%
18:00 Retail Sales ex Autos (MoM) 2 0.3% -0.3%
18:00 Retail Sales Control Group 3 0.4%
18:00 Retail Sales (MoM) 3 0.1% -0.9%
18:00 Initial Jobless Claims 2 235K 227K
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