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.