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Narayana Hrudayalaya announces discontinuation of Hospital Project in Kenya

Posted On: 2019-12-06 13:44:23

Narayana Hrudayalaya Limited's plan to establish a 130 bedded hospital project in Nairobi, Kenya announced in 2016 could not be proceeded with due to the inability to fund the project by a financial institution partner.

Narayana Hrudayalaya Limited (NH) through its wholly owned subsidiary in Mauritius, Narayana Holdings Private limited (NHPL), had entered into an agreement in May 2016 with prominent doctors in Kenya and lending financial institutions viz. Africa Health Fund LLC (AHF) and International Finance Corporation (IFC) for setting-up a 130 bedded hospital in Nairobi, Kenya to provide affordable and quality healthcare in Kenya and neighboring African countries.

NHPL invested in a minority stake in a Mauritian entity, ISO Healthcare, incorporated for the purpose of funding the project with majority ownership being with AHF. ISO Healthcare, in turn, incorporated a company in Kenya named ISO Health Ltd. for implementing the project. ISO Health Ltd. acquired land and was taking steps for.implementing the project, but due to inability of AHF to further fund, the project had to be shelved mid-way.

In view of the above, ISO Health Ltd. has decided to dispose the land and return the capital to its shareholder ISO Healthcare and subsequently dissolve the entity (ISO Health Ltd.) after complying with all applicable laws, thereafter, ISO Healthcare shall distribute the available capital to its shareholders which includes NHPL.

The carrying value in the project as per consolidated financials of NH as on 31st March 2019 is Rs.29.38 million with NH having invested USD 0.662 million in the same. The realisable value from the discontinuation of the project is dependent on the amount from the sale of the land held by ISO Health Ltd.

Shares of Narayana Hrudayalaya Ltd was last trading in BSE at Rs.296.4 as compared to the previous close of Rs. 299.45. The total number of shares traded during the day was 5957 in over 409 trades.

The stock hit an intraday high of Rs. 300.6 and intraday low of 294.4. The net turnover during the day was Rs. 1771708.

Source: Equity Bulls

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