KUALA LUMPUR (Aug 14): IHH Healthcare Bhd said the board of directors of Fortis Healthcare Bhd has agreed to rebrand its hospital business to "Parkway".
IHH previously indicated in November 2018 that it would use one of its brands for Fortis, after its emergence as Fortis' new controlling shareholder.
The board of directors of Fortis, which owns the second-largest hospital chain in India, has now given an in-principle approval for the change in name and branding of Fortis and its subsidiaries, IHH said in a stock exchange filing today.
"Accordingly, Fortis and its subsidiaries propose to no longer use 'Fortis', 'La Femme' and 'SRL' as part of their name or brand and Fortis intends to, going forward, obtain a licence to use the brand 'Parkway' as part of the name and brand of Fortis and all its subsidiaries (excluding SRL Ltd and its subsidiaries), for its hospital business. 'Parkway' is a well-renowned and internationally acclaimed brand in the field of healthcare under IHH Group," IHH said.
SRL Ltd, meanwhile, will develop a new brand name and identity that are unrelated to the IHH Group and Fortis brands, for use by itself and its subsidiaries, for its diagnostics business, IHH said.
As such, Fortis submitted an application earlier today to the Supreme Court of India to seek approval for the name change and rebranding.
"The above proposed changes to the name and branding are also subject to finalisation of mutually agreed terms on an arm's length basis for licence of the 'Parkway' brand and the receipt of all requisite corporate and other approvals, as may be required," IHH added.
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