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Aug 27 2012

Mediclinic To Acquire Remaining Interests In Emirates Healthcare Holdings Limited (Emirates Healthcare)

Dubai, 27 August 2012: Leading healthcare provider Mediclinic International (Mediclinic) today announced it has reached agreement to acquire the remaining holding of 49.63% in Emirates Healthcare Holdings (Emirates Healthcare) from the Varkey Group and General Electric Company to own 100% of Emirates Healthcare.

Danie Meintjes, CEO of Mediclinic International commented:

"This transaction is the logical next step as we continue to invest in attractive growth and development opportunities across our operations in Southern Africa, Switzerland and the United Arab Emirates. Emirates Healthcare has grown at exceptional rates since Mediclinic's entry in 2006 and the opening of The City Hospital in 2008, Dubai's largest private hospital. Based in Dubai, Emirates Healthcare is ideally positioned to benefit from the ongoing growth within the United Arab Emirates and surrounding regions."

The implementation of the transaction is subject to the fulfillment of conditions precedent including the approval by Mediclinic shareholders and regulators.

Mr. C.N. Radhakrishnan, Senior Director - Varkey Group and Chief Financial Officer and a Member on the Board of Emirates Healthcare commented:

"Varkey Group's partnership with Mediclinic International and General Electric in EHHL has been very rewarding. The partnership brought world class quality healthcare facilities and services to the people of UAE and the GCC region. The decision by Varkey Group to exit its healthcare interest is only due to the Group's strategic intent of continuing to focus and grow its education business at a faster pace globally. Varkey Group wishes Mediclinic and the management and staff of Emirates Healthcare continued success in the region"

-Ends-

Mediclinic International
Mediclinic International, founded in 1983, is an international private hospital group with operations in South Africa, Namibia, Switzerland and the United Arab Emirates, and has been listed on the JSE, the South African securities exchange, since 1986. The Group's head office is based in Stellenbosch, South Africa. Mediclinic currently has a market capitalisation of approximately R27.6bn and 652.3m ordinary shares in issue.

Visit www.mediclinic.com for more information.

Emirates Healthcare Limited (EHL)
EHL is the largest private healthcare group in Dubai with two hospitals and eight operational clinics which include: Welcare Hospital, The City Hospital, EHL Dubai Mall Medical Centre, EHL Arabian Ranches Clinic, EHL Meadows Clinic, Welcare Ambulatory Care Centre, Welcare Clinic Ibn Battuta, Welcare Clinic Qusais, Welcare Clinic Mirdif and Emirates Diagnostic Clinic. A new clinic will be opening in Jumeirah towards the end of the year.

The business currently employs around 1,900 staff, has the capacity to operate 334 beds, and sees in excess of 600,000 patients per annum in its facilities.

Mediclinic currently owns c.50.37% of the issued share capital of Emirates Healthcare.

Visit www.ehl.ae for more information

The Varkey Group Limited (VGL)
The Varkey Group Limited, founded in 1980 by Mr Sunny Varkey, is a privately held, Dubai-based business group, with interests in education, healthcare and construction. The education business, GEMS or Global Education Management Systems operates over 100 schools globally providing high quality holistic education to over 100,000 students from over 150 nationalities. Mr Varkey formed Emirates Diagnostic Clinic in 1984 and Welcare Hospital LLC in 1998. These healthcare units along with subsequent new facilities became Emirates Healthcare Holdings Limited, in a joint venture with Mediclinic and General Electric.

The Varkey Group currently owns c.44.39% of Emirates Healthcare.

General Electric Company United Arab Emirates (GE)

GE currently owns c.5.24% of Emirates Healthcare.

For further information, please contact:
Arun Avamil
EHL Management Services
Tel: +971504502554
Email: marketing@ehl.ae

© Press Release 2012


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