One of the largest private healthcare providers in Abu Dhabi, Al Noor has seen its share price nearly double from its listing price of £5.75
11 September 2014
Dubai private equity firm Ithmar Capital has sold a 7.3% stake in Al Noor Hospitals for £10.30 per share, two sources familiar with the matter said on Thursday, in a deal worth £87.55mn ($142mn).
Ithmar offered 8.5mn shares in the healthcare firm in the first such sell-down since the company was listed in July 2013.
The sale leaves Ithmar with a 20% stake, according to Thomson Reuters data.
The sale price was above the mid-point of the original range of £10 to £10.50, and came at a 4.1% discount to Wednesday's closing price of £10.74.
The overnight sale was managed by Deutsche Bank, which was one of the banks that helped arrange the original flotation last year.
One of the largest private healthcare providers in the oil-rich emirate of Abu Dhabi, Al Noor has seen its share price nearly double from its listing price of £5.75.
Gulf healthcare firms have become popular with investors, given the growing wealth of the region and also the increase in 'lifestyle diseases' - for example, five of the six Gulf states are in the global top 10 for prevalence of diabetes.
Al Noor's other main shareholders are founders Sheikh Mohammed bin Butti al-Hamed and chief executive Kassem Alom, who own 28.25% and 10.32% respectively.
© Gulf Times 2014
