Profit from a loss
Life Healthcare has announced it has a buyer for Max Healthcare in India for R4.3bn (rupee exchange rate dependent). Ideally, the group would have wanted its Indian adventure to work, but it has generated a profit on the sale. The initial deal was for 26% in 2011, paying R850m. Then, in mid-2014, Life Healthcare upped the stake to the current 46.4%, paying another R1.35bn, bringing the investment to a total of R2.2bn. With far too many South African companies returning from their offshore forays a whole lot poorer, at least this misadventure was profitable.