<article>One of the key executives at Malaysia&#8217;s <a href="https://www.dealstreetasia.com/?s=IHH Healthcare Bhd" target="_blank" rel="noopener">IHH Healthcare Bhd</a> has opposed the company&#8217;s proposed $1.1 billion acquisition of India&#8217;s <a href="https://www.dealstreetasia.com/?s=Fortis Healthcare" target="_blank" rel="noopener">Fortis Healthcare</a>, as per a filing with the stock exchange Bursa Malaysia.</article>

One of the key executives at Malaysia&#8217;s <a href="https://www.dealstreetasia.com/?s=IHH Healthcare Bhd" target="_blank" rel="noopener">IHH Healthcare Bhd</a> has opposed the company&#8217;s proposed $1.1 billion acquisition of India&#8217;s <a href="https://www.dealstreetasia.com/?s=Fortis Healthcare" target="_blank" rel="noopener">Fortis Healthcare</a>, as per a filing with the stock exchange Bursa Malaysia.
Rossana Annizah binti Ahmad Rashid, an independent non-executive director with IHH since 2012, was not comfortable with the structure of the proposals after taking into consideration the risk factors relating to the proposals and the qualified opinion issued by Fortis’s external auditors, Deloitte Haskins &amp; Sells LLP, in the audited financial statements of Fortis for the year ended 31 March 2018, which was released on 7 July 2018, the filing added.
Her view is important as she also serves as the chairperson of the audit and risk management committee and a member of the nomination and remuneration committee for IHH. The development was first reported by ET.
On July 13, the Fortis&#8217; board approved the sale of a 31.1 per cent stake in the company to the Malaysian healthcare firm for $582 million or Rs 170 per share. The IHH board, save for Annizah, too gave consent for the deal citing it as in the best interests of IHH.
The acquisition will give Fortis a valuation of about $1.29 billion. It will further trigger an open offer under the Indian takeover code, and enable IHH to increase its stake to a maximum of 57.1 per cent in the Indian company.
Meanwhile, Fortis has scheduled an extra ordinary general meeting (EGM) on August 13 to seek shareholders nod for its acquisition by IHH. The company is also seeking nod from shareholders to reclassify Malvinder Mohan Singh, Malvinder Mohan Singh- Trust, Shivinder Mohan Singh, Harpal Singh, Abhishek Singh, Fortis Healthcare Holdings Pvt Ltd, Malav Holdings Pvt Ltd and RHC Holding Pvt Ltd from the &#8216;Promoter and Promoter Group&#8217; shareholder category to &#8216;Public&#8217; shareholder category.
Fortis is also fighting a case with Japanese drugmaker Daiichi Sankyo that last week moved the Delhi High court seeking a stay on the acquisition by IHH, as it enforces Rs 3,500-crore arbitration award against Fortis&#8217; erstwhile promoters, Malvinder Singh and Shivinder Singh.
Also Read:
<a href="https://www.dealstreetasia.com/stories/daiichi-delhi-hc-fortis-ihh-102261/" target="_blank" rel="noopener">Japanese drugmaker Daiichi moves Delhi HC seeking stay on Fortis-IHH deal: Report</a>
<a href="https://www.dealstreetasia.com/stories/malaysias-ihh-healthcare-wins-over-indias-fortis-with-1-1b-takeover-bid-101890/" target="_blank" rel="noopener">Malaysia’s IHH Healthcare wins over India’s Fortis with $1.1b takeover bid</a>

Annizah also serves as the chairperson of the audit and risk management committee and a member of the nomination and remuneration committee for IHH.

IHH Healthcare's director opposes $1.1b deal to buy India's Fortis

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IHH Healthcare's director opposes $1.1b deal to buy India's Fortis

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