Trinity Capital Regulatory News (TRC)

15 Jan 2007 07:01

Trinity Capital PLC15 January 2007 15 January 2007 Trinity Capital PLC ("Trinity") Announces the acquisition of a strategic stake in Fortis Healthcare Trinity is pleased to announce that it has agreed to acquire a strategicshareholding in Fortis Healthcare Limited ('FHL'), one of the largest privatehealthcare companies in India(1). Trinity will acquire 2 million shares for£3.37 million. FHL is a healthcare company based in Delhi with operations in Delhi, Noida,Mohali, Amritsar, Faridabad, Raipur and Srinagar. It was established in 1996 bythe promoters of Ranbaxy Laboratories ('the Group'), Trinity intends toparticipate as a shareholder in the future growth of FHL. By acquiring such a stake in FHL, Trinity will seek to gain access toopportunities relating to FHL's plans to expand its network of hospitals fromits current base of 12. Healthcare facilities are also needed in existingtownships to enhance quality of life for residents. This investment thuscarries potential for Trinity as a strategic real estate platform. FHL has filed a Draft Red Herring Prospectus ("DRHP") with the Securities andExchange Board of India ("SEBI") in relation to the proposed Initial PublicOffer ("IPO") on 29th September 2006. Subsequently, FHL has also signed pre-IPOinvestment agreements with Quantum (M) Limited, Blue Ridge Limited Partnershipand Blue Ridge Offshore Master Limited Partnership. Since Trinity's inception in April 2006, we have announced seven transactions,including two similar deals: firstly with ITNL covering the transport sector,and secondly a $100 million partnership with IL&FS for investments in realestate and infrastructure. Trinity believes that the education and health caresectors have largely been ignored by developers in India, and that these arecritical growth sectors. Indeed, medical tourism is one of the fastest growingsub sectors of the Indian service economy. Approximately 180, 000 patientsarrived in 2004 from all over the world, and the medical tourism market wasestimated at US$333million in 2004 and is expected to grow to $2 billion by 2012(IBEF report on healthcare). By developing health care assets, Trinity willintend to participate in the related real estate opportunities that accruealongside the developments. Aashish Kalra, Managing Director of Trikona Capital, said: "Our investment inFHL represents an important strategic stake in a successful and rapidly growingbusiness, which will give us exposure to some of India's largest healthcareprojects and the resulting spin-off opportunities to develop the surroundingreal estate. In addition, we believe there are multiple opportunities tointroduce FHL as our preferred partner in our other developments where there isdemand for hospitals or healthcare facilities." ENDS Enquiries: Trikona Capital Aashish Kalra +91 11 2620 7257 Cardew Group Tim Robertson +44 20 7930 0777 Sofia Rehman Catherine Maitland (London) Gutenberg Communications Harjiv Singh (New York) +1 917 623 7793 Pranav Kumar (Delhi) +91 98100 77898 Numis Iain McDonald +44 20 7776 1567 Notes: • For further information and regular updates regarding the Fund's activities, please log on and sign up for news alerts at www.trinityplc.com This press release is not an offer for sale within the United States of anyequity shares or any other security of Fortis Healthcare Limited. Securities ofFortis Healthcare Limited, including any offering of equity shares, may not beoffered or sold in the United States absent registration under U.S. securitieslaws or an exemption from the registration requirements under such laws. Theproposed offering of Fortis Healthcare Limited securities described in thispress release has not been and will not be registered under U.S. Securitieslaws, and accordingly, any offer or sales of these securities may be made onlyin transaction exempt from registration. An offer of the GDSs has not been made and will not be made to the public in theUnited Kingdom within the meaning of section 102B of the Financial Services andMarkets Act 2000 (as amended) (FSMA) except to legal entities which areauthorized or regulated to operate in the financial markets or, if not soauthorized or regulated, whose corporate purpose is solely to invest insecurities or otherwise in circumstances which do not require the publication bythe company of a prospectus pursuant to the Prospectus Rules of the FinancialServices Authority (FSA). An invitation or inducement to engage in investmentactivity (within the meaning of section 21 of FSMA) has only been communicatedand will only be communicated to persons who have professional experience inmatters relating to investments falling with Article 19(5) of the FinancialServices and Markets Act 2000 (Financial Promotion) Order 2005 or incircumstances in which section 21 of FSMA does not apply to the company. Allapplicable provisions of FSMA has been and will be complied with regarding allactivity in relation to the GDSs in, from or otherwise involving the UnitedKingdom. -------------------------- (1) Based on the number of hospital beds according to CRIS-INFAC Report 2005. This information is provided by RNS The company news service from the London Stock Exchange