29 May 2013
(MENAFN) Al Noor Hospitals Group’s chief strategy officer, Sami Alom, announced that the healthcare provider plans to launch an initial public offering (IPO) on the London Stock Exchange (LSE) to raise around USD150 million, reported Arabian Business.
Alom said that the listing, which will take place in the latter half of June, will allow the firm to gain access to international investors.
He added that the amount would be used to fund planned acquisitions within the UAE, including a USD50-million specialty treatment center.
The Abu Dhabi-based company will issue new and existing shares to guarantee a free float of readily tradable shares of between 30 and 45 percent of the total.
It is worth noting that Al Noor, the largest private healthcare provider in the UAE, is owned by Ithmar Capital and its affiliates with 50 percent, while Sheikh Mohammed bin Butti Al Hamed holds a 35-percent stake and CEO Dr Kassem Alom owns the remaining 15 percent.
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