Follow-ups -eshrag News:
RIYADH: Abu Dhabi healthcare provider Burjeel Holdings said it intends to offer 11 percent of its shares in an initial public offering as it prepares to go public this year.
The company plans to sell 550.7 million shares, including 350.3 million from VPS Healthcare Holdings, which owns 79.8 percent of Burjeel.
Among the offered shares, 10 percent will be allocated under the first tranche, and 90 percent under the second tranche.
The offer period for the first tranche and the second tranche starts on Sep. 30 and will close on Oct. 4, 2022.
Burjeel is expected to announce the final price on Oct. 5, and the shares are expected to be listed in Abu Dhabi on Oct. 10.
“Our long-term vision focused on increasing access to quality healthcare and clinical excellence across the region has driven our growth over the past 15 years,” chairman of Burjeel Holdings plc, Shamsheer Vayalil Parambath, said.
“As healthcare expenditure continues to increase across the region, Burjeel Holdings is strongly positioned to benefit through our focus on providing complex, specialized medicine for all socioeconomic groups, through a targeted, multi-brand strategy,” he added.
J.P. Morgan Securities plc has been appointed as capital markets advisor to the selling shareholder and company in connection with the offering.
“Today’s announcement builds on our partnership with IHC which will have a transformative impact for Burjeel Holdings through the addition of new capabilities, capital, and access to new markets,” Parambaths said.
Last week, International Holding Co. announced that it has purchased a 15 percent stake in Burjeel Holdings.
“The acquisition will aim to continue to scale and diversify IHC’s investment in the healthcare sector locally and regionally,” IHC said in a statement.
IHC is the largest company in the UAE by market value and it is led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security adviser and the brother of UAE’s president.
With a network of 39 hospitals and medical centers, Burjeel Holdings is one of the leading providers of healthcare in the UAE private market with a market share of approximately 17 percent for in-patients and approximately 12 percent for out-patients.
Founded in 2007, the healthcare provider plans to invest $1 billion in Saudi Arabia by 2030 through joint ventures and public-private partnerships.
Noting that the news was copied from another site and all rights reserved to the original source.