SINGAPORE: RiskMetrics, an independent advisory firm, yesterday recommended that Parkway investors approve a proposal allowing a partial takeover bid by Malaysia’s Khazanah Nasional Bhd.

The company said Khazanah’s offer price of S$3.78 a share exceeded Parkway’s share price before the offer, and shareholders would still be free to decide whether or not to accept Khazanah’s offer after the vote.

“This resolution, if approved, does not mean that Khazanah’s partial takeover offer will be successful. This resolution, if passed, will allow the bid to be made,’ RiskMetrics said in a report.

Shareholders of Singapore-listed Parkway, Asia’s largest hospital operator by market capitalisation, have until July 8 to approve a proposal to let Khazanah raise its stake in Parkway to 51.5% from around 24%. July 8 is also the deadline for shareholders to accept Khazanah’s partial offer for Parkway shares, although the Malaysian state investor may opt to extend the offer period amid speculation Indian healthcare firm Fortis is lining up a counter offer.

While Khazanah only needs acceptance from 27% of Parkway shareholders to gain control of the Singapore firm, it needs the go-ahead to make its partial offer from 50% of shareholders other than the Malaysian state investor.

Fortis, which owns just over 25% of Parkway, has received assurance from Indian banks including State Bank of India and Axis Bank of up to US$2bil in loans, the Economic Times newspaper reported yesterday.

Singapore’s securities regulator last week gave Fortis until July 30 to state whether it intends to make a full offer for Parkway.

The Securities Industry Council also said Khazanah had the option to extend the closing date for its partial offer from July 8 to 10 days after July 30 in order to give shareholders a chance to assess their options. — Reuters

Related Stories:
Offer circular for Parkway out this week
Takeover battle for Parkway pits two different cultures
India’s Fortis hires banks as Parkway battle heats up
Khazanah makes formal offer for Parkway
Khazanah wants to enhance presence in healthcare industry
Fortis poised for counter bid for Parkway
Khazanah bid for Parkway may be the start of major foreign acquisitions

• 
• 
• 

More News Business Headlines      TDM to plant 5,000ha of new trees every year in Kalimantan      KLCI falls to low of 1,765, rattled by Japan, HK      Japan stocks crash on volatile bonds, weak China data; Nikkei ends down 7.3%      MISC posts RM300m net profit in Q1, sees challenging year ahead (Update)      KL Kepong slips to low of RM21.36 as quarterly profit drops      Maybank's Q1 earnings up 11.8% to RM1.506b (Update)      Lafarge Cement positive on markets, mulls expanding capacity      Dayang Enterprise awards RM705m contract to Perdana Petroleum      KLCI pauses, Japan, Hong Kong key indices slide (Update)      ECM Libra plans to exit PN17 by year-end      China HSBC flash PMI hits 7-mth low, fans growth fears      RHB Research maintains Buy on KPJ Healthcare, FV RM7.30      Alliance Neutral on Axiata, ups target price to RM7      Deleum top loser, down 11.3% after disappointing results      Maybank KE Research maintains Hold on AirAsia      Public Invest Research ups Uzma target price to RM2.86      Malaysia's blue chips fall more than 6pts in early trade      Profit taking may weigh on Malaysian equities      HP raises 2013 outlook as Whitman's plan takes hold      Bernanke says more progress needed before stimulus pullback      Wall Street falters in volatile session on Fed worries      Aeon director: GST won’t affect group      Petronas Chemicals Group to invest RM3bil in capital expenditure      Weak CPO prices hit Boustead profit      April CPI up 1.7% on higher food prices      Report: AirAsia X sets indicative price for IPO      MAEI sees 3%-4% rise in electrical, electronics exports      Cahaya Mata Sarawak to invest in grinding plant      Star to leverage on new, fast-growing businesses      No plans for MBO, says Vincent Lee      Scomi active as CEO raises stake      Bumi Armada shares rise after a strong Q1      BToto buys RM20m REDtone shares      Ingress gets notice from joint-offerors      Support Line      Axiata Q1 profit improves      Lower net profit for AirAsia      BMW targets 10% growth in sales this year      Forum to highlight on Asia economic ventures      Asean flavour in Invest M’sia confab      Top management changes at APM      ‘Fair value’ of MMHE at RM3.30      Push to limit foreign ownership in banks      EU: FTA will depend on concessions from Beijing      Sony cuts target, to assess spin-off plan      Europe moves closer to ending banking secrecy      China Galaxy soars 11% in debut      Gina Rinehart loses US$7bil      Australia consumer confidence falls  Go

• Large migrant population a security threat, says Sabah's top cop
• Pakatan to file 27 election petitions, says Tian Chua
• Transport Ministry reveals new FT registration plate to start with W1A
• Ahmad Zahid: Government will take action on foreigners who abuse student visas
• Adam Adli claims trial to sedition charge
• Tian Chua, Haris Ibrahim, Tamrin Ghafar detained (Update)
• Tabung Haji top-level official denies khalwat
• Justice Akhtar: Intention to finish off Sosilawati, others at wrong place wrong time
• Verdict ends three years of restlessness for family, says Sosilawati's daughter
• Adam Adli charged with uttering seditious words (Update)
• All four accused guilty in murder of Sosilawati Lawiya and three others (Update)
• New crime prevention department to be set up
• Syariah Court can annul child’s marriage, says SIS
• A-G: Prosecution to proceed with statutory rape charges against Riduan
• Women’s groups laud A-G’s promise to press statutory rape charges against Riduan

• Ecuador warns satellite could hit rocket remains
• Short-story writer Davis wins Booker International Prize
• Two babies among US tornado victims
• Anti-Islamist protests flare following London attack
• 'British solider' butchered in suspected Islamist attack (Updated)

• Ice queen Nicol into British Open quarters
• Australia to consider following ban on anchor putters
• Intxausti wins 16th stage, Nibali still keeps pink jersey
• Indonesia drawn to meet China again – in knockout stage
• Results worldwide
• Malacca sprinter Mohd Azam Masri out to create history by winning five events in MSSM meet
• Athletics runs in the veins of Vallabouy family
• Chinese long jumper Jinzhe claims another Olympic scalp
• Dane Jorgensen’s wish is to avoid Chinese ace Lin Dan in World Championships
• National badminton team’s lack of depth a glaring factor in home tourney
• Khim Wah-V Shem perform above expectations in Sudirman Cup debut
• Jindapon aims to qualify for 2016 Olympics
• Kenichi’s goal is to take Japan into Sudirman Cup semi-finals
• Dong-keun shows he’s a capable replacement
• Harrison makes swift U-turn

• Please wait.

• Petronas Chemicals Group to invest RM3bil in capital expenditure
• Maybank's Q1 earnings up 11.8% to RM1.506b (Update)
• Asean flavour in Invest M’sia confab
• Report: AirAsia X sets indicative price for IPO
• MISC posts RM300m net profit in Q1, sees challenging year ahead (Update)
• Dayang Enterprise awards RM705m contract to Perdana Petroleum
• ECM Libra plans to exit PN17 by year-end
• Lower net profit for AirAsia
• BToto buys RM20m REDtone shares
• KLCI falls to low of 1,765, rattled by Japan, HK

Copyright © 1995-2013 Star Publications (M) Bhd (Co No 10894-D) - Investor Relations