RHT Health Trust to delist on Jan 31 amid ongoing liquidation

 

RHT Health Trust : RF1U 0% will delist from the Singapore Exchange&rsquo s (SGX) mainboard at 9 am on Wednesday (Jan 31), its trustee-manager said on Monday.

 

The move comes after SGX said it had no objection to the delisting on Jan 24, on the basis of RHT&rsquo s winding up.

 

In November 2023, the Singapore High Court ordered for the trust to be wound up following an application from the trustee-manager. Victor Goh and Khor Boon Hong from Baker Tilly Consultancy in Singapore were appointed as liquidators.

 

One month later, two RHT subsidiaries were placed under members&rsquo voluntary liquidation as well.

 

The trustee-manager filed an application last year to wind up RHT Health Trust. The trading of the trust&rsquo s units, last priced at S$0.019, has been suspended since Nov 28, 2019. The suspension came after the trustee-manager proposed to adjourn an extraordinary general meeting seeking unitholder approval for a voluntary winding-up.

 

India&rsquo s Supreme Court on Nov 15, 2019, held Fortis Healthcare&rsquo s founders &ndash Malvinder Singh and Shivinder Singh &ndash guilty of contempt of court.

 

Fortis had purchased RHT&rsquo s entire portfolio of healthcare assets in January 2019. The Indian Supreme Court, in its judgment, viewed the disposal of RHT&rsquo s portfolio and other transactions as wilful disobedience of the court&rsquo s order on Dec 14, 2018.

 

At the time, RHT&rsquo s Indian legal counsel advised the trustee-manager not to proceed with the winding-up.