RHT Health Trust : RF1U 0% will delist from the Singapore Exchange’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’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’ voluntary liquidation as well.

The trustee-manager filed an application last year to wind up RHT Health Trust. The trading of the trust’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’s Supreme Court on Nov 15, 2019, held Fortis Healthcare’s founders – Malvinder Singh and Shivinder Singh – guilty of contempt of court.

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

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