The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
The troubles are adding up for IHH Healthcare Bhd, wiping almost $800 million from its market value over three days.
A whipsawing Turkish lira, a major shareholder cutting its stake, and continued uncertainty over a plan to buy Fortis Healthcare Ltd have led IHH to fall 6.6 percent over three days while the benchmark index was largely flat.
IHH may also be under pressure after the Employees’ Provident Fund sold 1.8 million of the company’s shares last week.
Malaysia’s biggest pension fund has been lowering its stake in IHH to 7.46 percent, from
8.44 percent at the end of 2018, according to stock exchange filings.