Parkway Holdings on Thursday requested the Singapore Stock Exchange to halt trading in its shares in view of a takeover offer made by India’s Fortis Healthcare for the Singapore-based hospital.

Following the request, trading in Parkway’s scrip did not take place on Thursday.

“As requested by The Royal Bank of Scotland N V, and Macquarie Capital (Singapore) Pte Limited, joint financial advisers to RHC Healthcare Pte Ltd, which is indirectly held as to 51 per cent by RHC Holding Private Limited and 49 per cent by Fortis Healthcare Limited pending the release of an announcement,” said Parkway in a filing to the Singapore Stock Exchange.

Fortis on Thursday responded to Malaysian sovereign wealth fund Khazanah Nasional’s bid to control Parkway by offering to acquire all the shares of the company.

Fortis has made an offer of SGD 3.80 per share, valuing remaining stake in Parkway to SGD 3.2 billion, as against Khazanah’s offer of SGD 3.78 a share.

Fortis, owned by billionaire brothers Malvinder Singh and Shivinder Singh, already own 25.3 per cent of Parkway.

Going by reports, U.S.-based independent advisory firm, Glass Lewis, has asked shareholders to vote against the Khazanah’s offer to acquire Parkway and wait for a general offer of total buyout.

“We note that (Fortis) is rumoured to have negotiated the necessary capital to make such an offer... it seems likely that it will make a decision regarding its Parkway investment before July 8, the partial offer closing date,” said Glass Lewis.

It urged equity holders to adopt a wait-and-watch approach for a counter-offer from Fortis for the control of Parkway, operator of 16 hospitals with 3,400 beds throughout Asia, two of which are in Singapore and one in Malaysia.

Khazanah, launched a SGD 1.18 billion partial takeover offer on May 27, aiming to buy 313 million shares, each priced at SGD 3.78. Khazanah wants to increase its Parkway control to 51.5 per cent from the current 23.8 per cent.

Singapore stock watchers said response to Khazanah’s offer has been lukewarm. The offer is till July 8 but has an extension option till August 10.

Separately, the Securities Investors Association of Singapore has asked Khazanah to clarify a Singapore news report that if it failed to gain control of Parkway, there would be implication involving Parkway’s Pantai Medical Group in Malaysia.

Khazanah has 60 per cent stake in Pantai with the rest held by Parkway. But Pantai contributes a third of Parkway’s earnings before interest, taxes and depreciation.

More In: Companies | Business