Singapore’s securities regulator have permitted a time frame of July 30 to India’s Fortis Healthcare to unveil its decision over Malaysian sovereign fund Khazanah’s bid for the hospital chain, Parkway Holdings in shareholders’ interest.

Fortis possess the biggest shareholder in Parkway accounting to a 25.3% stake. Khazanah has proposed to raise its stake in Parkway to 51.5% compared to 24% at $3.78 a share.

Khazanah’s offer is reported to close by August 9, unless the SIC permits to keep it open because of Fortis extending a competing offer.

“Parkway shareholders should be given sufficient information, advice and time to enable them to reach an informed decision on the partial offer”, Securities Industry Council (SIC) posted in a statement.

On Tuesday, billionaire brothers Malvinder and Shivinder Singh Company has posted that it is yet to decide on its course of action.

Fortis is required to pay over $2.3 billion if it decides to unveil a general offer for Parkway, which analysts cite could be a positive point on the Indian Company’s balance sheet.

Parkway Holdings’ share price traded over Khazanah’s offer price, ending at 0.5% higher at $3.81 on the Singapore Stock Exchange. In Mumbai, the Fortis scrip registered a growth 0.5%, closing at Rs. 152.35.