Fortis Healthcare Owned By Malaysian Healthcare Company IHH Will Soon Be Renamed Parkway
November 11, 2022: Parkway is a brand owned by Malaysian healthcare company IHH, which is the largest shareholder in Fortis with a 31.1 percent stake.
Hospital chain Fortis Healthcare will soon have a new name – Parkway. Malaysian health care major IHH owns the brand Parkway.
Fortis Healthcare chairman Ravi Rajagopal told ET that all previous status quo orders are vacated, paving the way for the changes they want to make.
In our opinion, the way is now clear to go ahead with the plans to change the brand name, he said. “The issue of having a brand name, as the world knows, is a name that legally does not belong to Fortis.
The Fortis Board, therefore, decided that it would be most prudent to change the brand name. Everything was kept pending the Supreme Court order,” He said. Rajagopal said they have informed the Supreme Court of their intention to change the brand name.
Parkway is a brand owned by The Malaysian healthcare company IHH, which is the largest shareholder in Fortis with a 31.1 percent stake.
Its brand license agreements expired in May 2021. The company said the name change will be subject to necessary approvals and directions from the Supreme Court and other regulatory authorities.
The Fortis Healthcare Limited intends to complete this process before April 2021. Fortis’ board gave in-principle approval for the name change and subsequent rebranding of the company and its subsidiaries in August 2020.
It plans to discontinue the use of ‘Fortis’, ‘La Fame’ and ‘SRL’ brands as part of its corporate name, brand and logo.
Research conducted by the firm showed a “positive response” to the Parkway brand compared to the neutral brand or any other brand of IHH Healthcare Berhad. 31 percent stake in The Fortis Healthcare through Malaysian major Northern TK Ventures Pte.
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