Fortis arm to sell Aussie stake to UK firm

The Singapore subsidiary of Fortis, promoted by Malvinder Singh and Shivinder Singh, would divest its 64 per cent stake in Australia- based Dental Corporation Holdings to the UK- based healthcare organisation Bupa. The deal, valued at A$ 270 million ( around ₹1,550 crore), was expected to be completed in March 2013, the company said in a statement today.

According to the company, the proceeds from the divestment would be utilised to reduce the healthcare major’s current financial leverage of around ₹4,500 crore.

“The divestment proceeds will go towards strengthening Fortis’ balance sheet, bringing it closer to its net debt- to- equity target ratio of 0.6x,” the statement said.

Fortis, which entered the dental chain in January 2011, expanded it from 140 practices to 190 in Australia and New Zealand.

However, the operations of the dental chain remained confined to the two countries and, in spite of exploration and backing from its parent, it could not do in other geographies as well as Fortis had envisaged.

“As a premier healthcare company, we are quick to assess the competitive landscape, the opportunities for growth and emerging trends... The move is good for Fortis as it aligns the company with its current strategic priorities,” Fortis Executive Chairman Malvinder Singh said. “ This will help consolidate our presence as one of the fastest- growing healthcare companies in the region,” he added.

The ₹1,550- cr deal expected to be completed by March

VLCC Buys Malaysian Wellness Firm Wyann Delhi firm’s first foreign buy estimated at . 100-150 cr OUR BUREAU NEW DELHI

VLCC Buys Malaysian Wellness Firm Wyann

Delhi firm’s first foreign buying estimated at . 100-150 cr

OUR BUREAU NEW DELHI 

VLCC has acquired a majority stake in Malaysian slimming and personal care firm Wyann International, the Delhi-based beauty and slimming services firm said on Thursday. 
The deal is estimated at . 100-150 crore, though VLCC officials declined to comment on the deal size. 
This is the first foreign acquisition by VLCC, which has company-managed operations in nine countries across South Asia and the Middle East. 
“This is not only significant as our first step beyond South Asia and the Middle East but also as our first move to grow through acquisition,” Mukesh Luthra, group chairman at VLCC, said. 
Kuala Lumpur-based Wyann International (M) owns and operates a chain of 22 slimming and beauty outlets across Malaysia, offering specialist services and products under its Bizzy Body, Facial First and Masculine brands. 
ET had first reported that VLCC was in advanced talks to buy out Wyann last month. 
The . 700-crore VLCC had been trying to acquire businesses in the wellness and personal care space for close to two years now and had reached due diligence stages, but talks did not materialise. 
The beauty and wellness firm has simultaneously mandated banker JM Financial to help it raise funds of about . 300 crore as it is looking to accelerate its businesses. 
VLCC expects to be a . 1,500 crore firm by 2015. International operations contribute 30% to VLCC’s topline. 
The deal will give VLCC access to the South Asia market, where it plans to expand operations by adding new wellness centres, vocational education institutes in beauty and nutrition and rolling out VLCC Personal Care, its line of herbal skin, hair and body care products. The Vandana Luthrapromoted group plans to roll out its products and services to eight additional countries such as Singapore, Indonesia, Thailand, Myanmar, Saudi Arabia, Egypt and Kenya. 
Wyann founder & chief operating officer Yap YannFang said: “We look forward to sharing expertise and knowledge to continue the growth trend in the region.” 
Founder Vandana Luthra and her husband Mukesh hold majority 85% stake in the firm, while 15% is held by Everstone Capital, which picked up the stake in ’07.

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