MStanley to advise Parkway on Khazanah's takeover bid

SINGAPORE: Singapore healthcare firm Parkway Holdings said late on Friday it had appointed Morgan Stanley to advise shareholders on a $835 million partial takeover bid by Malaysia's state investment firm Khazanah.

Khazanah, which owns just under 24 per cent of Parkway, wants to increase its stake to 51.5 percent, seizing control of the Singapore firm from India's Fortis Healthcare.

Media reports say Fortis, which has 25 per cent and four of the 12 seats on Parkway's board of directors against Khazanah's two, will likely make a counterbid.

Parkway shares closed at S$3.72 on Friday, below Khazanah's offer price of S$3.78