FINANCIAL NEWS

UAE’s Abraaj Capital sells 50% stake in Acibadem

26 Dec 2011

(MENAFN) Abraaj Capital’s Founder and Group Chief Executive, Arif Naqvi, said that the firm sold its 50 % stake in Turkish Acıbadem SaÄŸlık Yatırımları Holding and affiliated companies to Integrated Healthcare Holdings Sdn. Bhd (IHH) and Khazanah Nasional, reported Emirates 24/7.

Naqvi added that Abraaj would become a shareholder in IHH once the transaction is completed, moreover, both IHH and Khazanah would obtain a combined 75 percent shareholding in Acibadem from Abraaj and Turkey’s Aydinlar family.

He also said that 70 percent of IHH, which is one of the main emerging market healthcare service providers, is currently owned by Pulau Memutik Ventures Sdn. Bhd, a wholly owned subsidiary of Khazanah, whereas the remaining 30 percent is owned by MBK Healthcare Partners Limited, a wholly owned subsidiary of Mitsui & Co.

It is worth noting that Abraaj Capital will receive half of its proceeds from the transaction in cash and half in newly issued IHH shares, on which it will aim to generate future returns.

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