Burjeel Holdings plans to list 11% stake in IPO on Abu Dhabi Stock Exchange


mini

The IPO of entrepreneur NRI Shamsheer Vayalil’s company will open for subscription on September 30 and will close on October 4. The company’s shares will begin trading on the ADX on October 10.

UAE-based health services provider Burjeel Holdings said on Monday it plans to list 11% stake in an initial public offering (IPO) on the main market of the Abu Dhabi Stock Exchange ( ADX).

The IPO of entrepreneur NRI Shamsheer Vayalil’s company will open for subscription on September 30 and will close on October 4. The company’s shares will begin trading on the ADX on October 10.

Burjeel Holdings is expected to be the first private company to go public in the UAE this year. The IPO announcement closely follows the acquisition of a 15% stake in Burjeel Holdings by Abu Dhabi-based International Holding Company (IHC), led by Sheikh Tahnoon Bin Zayed Al Nahyan, adviser to the national security of the country and brother of the President of the United Arab Emirates. .

IHC is the largest company in the UAE by market value. According to the published prospectus, the company plans to offer approximately 550.7 million shares, including 350.3 million existing shares for sale by VPS Healthcare Holdings, which owns 79.8% of Burjeel Holdings.

Of the shares offered, 10% must be allocated as part of the first tranche and 90% as part of the second tranche. The company’s planned listing will provide investors with the opportunity to be exposed to one of the MENA region’s leading private healthcare service providers with a vision to deliver quality healthcare and clinical excellence. across the region, he said in a statement.

In 2021, the Group treated 105,000 hospitalized patients and 4.8 million outpatients on its network. For the year ended December 31, 2021 and the six months ended June 30, 2022, the group had revenue of AED 3,351.0 million and AED 1,898.4 million, and net profit of AED 234.1 million and AED 152.9 million, respectively.

It has a diverse portfolio of 16 hospitals, including flagship facility Burjeel Medical City, and 23 medical centers, across the United Arab Emirates and Oman. In August 2022, as part of its disciplined approach to capital expenditure and regional expansion, Burjeel Holdings signed a non-binding memorandum of understanding with the Saudi Ministry of Investment, which will see the group collaborate with Saudi Arabian health institutes and organizations and invest up to $1 billion. in the Kingdom by 2030.

“As we mark another important milestone in our journey today, I am confident that our robust business model, our relentless focus on clinical excellence, our world-class people and our strong commitment to governance will all play a key role in the next chapter of our story, Vayalil said.


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button