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News Image 8524 - Apollo decides to exit operations in Sri Lanka
Thursday, 14 September 2006 - 10:56 PM SL Time - Some pictures are worth a million words |  | |
Apollo decides to exit operations in Sri Lanka
India`s Apollo Hospitals has decided to exit its operations in Sri Lanka after failing to stave off a hostile takeover bid by a local business tycoon.
Apollo sold 52 million shares in Lanka Hospitals Corporation, the owners of Apollo Sri Lanka, to the Sri Lanka Insurance Corporation which is owned by Harry Jayawardena.
Apollo accepted a mandatory offer made by Jayawardena to buy each share at 28 rupees after he acquired more than one third of the company recently.
Thursday`s deal was worth 1,456 million rupees, officials at the stock exchange said.
Two other minority shareholders of Apollo, Sino-Lanka which had three per cent and R Navaratnam, a key promoter of Apollo in Sri Lanka, who had five per cent were also sold out to the Insurance company.
The Indian parent was engaged in a bitter row recently to retain ownership and had Indian High Commissioner Nirupama Rao intervene on behalf of the company to secure their holding.
The Board of Investments (BOI), the main foreign investment regulator in the island sided with Lanka Hospitals Ltd saying they will lose tax breaks if the owning structure of the 350-bed hospital changed.
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Ruwani
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14 Sep 2006 16:08:14 GMT Report for Abuse
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Well done Uncle Harry. Must check the MiLanka Price index. Heard ASPI was up more than 11 ponits.
Edited By - Ruwani - 14 Sep 2006 16:09:50 GMT |
shan
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14 Sep 2006 16:16:00 GMT Report for Abuse
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| As far I know Apollo was not a successful venture in SL. Inpatient bed occupancy rarely reached 2/5 and mostly in the levels of 1/5. Good luck Harry. |
hashini
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14 Sep 2006 16:16:03 GMT Report for Abuse
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| That is good. The Indian HC Nirupama Rao tried to intervene in Local business too to hold it down. Apollo was doing real bad in the stock market. If someone wants to buy it and have the money then they should be able to buy it in a free economical tradel. Nirupama Rao's interference was not taken light by the Sri Lankan Business community - and for the just reasons. |
Ruwani
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14 Sep 2006 16:18:48 GMT Report for Abuse
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As far I know Apollo was not a successful venture in SL.
Agreed. Most of the failure can be traced back to Indian doctors who were supposed to have had Bad breath. My friends all stopped going there after one told us about it. |
hashini
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14 Sep 2006 16:19:14 GMT Report for Abuse
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Shan:
As far I know Apollo was not a successful venture in SL. Inpatient bed occupancy rarely reached 2/5 and mostly in the levels of 1/5. Good luck Harry.
That is because Nawaloka, Asiri, Asian etc were performing much better than Apollo. They also had better insurance schemes with major insurance companies that Apollo lacked to give out. |
LankaTileke
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14 Sep 2006 16:24:29 GMT Report for Abuse
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Hashini,
are you jobless or dont you have a specific job or purpose.
you know everything from NewZealand to US. |
shan
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14 Sep 2006 16:27:36 GMT Report for Abuse
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I would love to see competitive market and the charges should come down. Let the people enjoy the benefit.
Do any one think share price to go up after transfer? I have my doubt. |
hashini
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14 Sep 2006 16:32:00 GMT Report for Abuse
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LankaTileka:
Hashini,
are you jobless or dont you have a specific job or purpose.
you know everything from NewZealand to US.
Maybe I read! If reading = Jobless well you have a whole messed up view about life. |
hashini
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14 Sep 2006 16:33:31 GMT Report for Abuse
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Shan:
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I would love to see competitive market and the charges should come down. Let the people enjoy the benefit.
Do any one think share price to go up after transfer? I have my doubt.
We have to wait and see. Harry jayawardena is a Business Tycoon in the medical field. And he has insurance with many collaborations with ceylinco-Seylan. He will make it competitive along the lines of Nawaloka, Asha group of companies, First premier etc. I am sure he did not buy it for the loss. |
Ruwani
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14 Sep 2006 16:34:06 GMT Report for Abuse
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well you have a whole messed up view about life.
Oh my gosh oh my gosh....she is so judgemental and is suffering from an acute case of superiority complex. |
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