UK-based FrontPoint Management LLP - a unit of Morgan Stanley Asia - has bought 110,000 shares of 
Fortis Healthcare- controlled Singapore's Parkway Holdings from the open market for S$ 3.85 a share.
FrontPoint had purchased 75,000 shares of Parkway Holdings last week.
Morgan Stanley Asia is acting as independent advisor to the Parkway board on the share purchase offer made by Malaysian investment firm Khazanah.
Transaction Reference: BS
Fortis Healthcare had picked up 23.9% stake in Parkway Holdings in May for around $959 Mn. The company had increased its stake to 25.3% by purchasing shares through open market later.
Khazanah had formally informed Parkway of its intention to acquire management control in Parkway by increasing its stake from the current 23.32% to 51.5% by purchase of 313 Mn shares. It had made an offer of S$ 3.78 a share which was outbid by Front Point.
Khazanah was to pick up this stake through its health care financing arm — Integrated Healthcare Holdings.
Khazanah’s announcement had triggered expectations of a counter offer from Fortis.
Fortis Healthcare has appointed Religare Capital, RBS and Macquarie to raise funds, which could be used for a possible counter bid for Singapore’s Parkway Holdings.
Last week Fortis Healthcare had announced plans to raise Rs 2,750 Cr through securities, and increased its borrowing limit to Rs 6,000 Cr.
According to ET, a consortium of banks is willing to fund up to $1 Bn.
Disclosures to the Singapore Stock Exchange earlier this month indicated that executives having some connection with Parkway group have been selling some of their shares almost every day after the Khazanah offer.
KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
| 26/07/10 |
Parkway Holdings - Fortis (Stake Sale) |
M&A |
Khazanah Nasional Berhad |
789.00 |
| 15/06/10 |
Parkway Holdings - FrontPoint Management |
Private Equity |
FrontPoint Management LLC |
- |
| 11/03/10 |
Parkway Holdings-Fortis Healthcare |
M&A |
Fortis Healthcare Limited |
685.00 |
| Date | Type | Buyer | Target | Size ($mn) | State |
| 07/02/12 |
Private Equity |
IDFC Private Equity |
Sahyadri Hospitals Limited |
61.17 |
Planned |
| 06/02/12 |
M&A |
Nova Medical Centers Private Limited |
Helios Hospitals Private Limited |
- |
Completed |
| 01/02/12 |
M&A |
Fortis Healthcare Limited |
RadLink-Asia Pte Ltd |
63.51 |
Completed |
| 01/02/12 |
Private Equity |
Looking For |
Perfint Healthcare Private Limited |
20.34 |
Planned |
 |
Morgan Stanley India (IB) |
