Wednesday, Jul 25, 2012
DUBAI (Zawya Dow Jones)--Dubai-based Abraaj Capital, the Middle East's largest buyout firm, said Wednesday it has exited its investment IHH Healthcare Bhd (5225.KU) after Asia's biggest hospital operator by market value listed on stock exchanges in Malaysia and Singapore.
Abraaj's investment in IHH was made through its Infrastructure and Growth Capital Fund and Abraaj Buyout Fund II. It didn't disclose to size of its initial IHH stake or the proceeds it received from participating in the $2 billion initial public offering, the world's third-largest share sale so far this year.
Abraaj's exit in IHH comes after the private equity firm sold its 50% stake in Turkish health care group Acibadem earlier this year, netting the company's infrastructure fund around $1 billion on an initial investment of around $600 million in 2008.
"Today's announcement marks the successful conclusion of an outstanding partnership and a natural closure of the investment cycle of Abraaj Capital's $2 billion Infrastructure and Growth Capital Fund and $500 million Abraaj Buyout Fund II," said Arif Naqvi, the founder and group chief executive of Abraaj.
"We are proud to have played a significant role in the success of Acibadem and IHH and to have participated in the development of one of the largest listed healthcare providers in the world. The success of this transaction makes clear that IHH remains extremely well-positioned in a fundamental and dynamic sector."
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com; Twitter: @ZDJnews
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
25-07-12 0635GMT
