London-listed NMC Health acquired remaining stakes in two hospitals in the UAE and Saudi Arabia that it partially owns for a combined investment of US$218 million, as the healthcare provider continues to expand in the Arabian Gulf region.
NMC bought the 49 per cent stake it does not already own in Fakih IVF facility in Dubai for $205m and an outstanding 30 per cent stake in As Salama hospital in Saudi Arabia, the company said in a statement.
"In December 2017, I set out our strategy to drive the company's next phase of growth,” said NMC chief executive Prasanth Manghat. “The transactions today fit with our commitment to increase our capacity, capabilities and geographic coverage.”
NMC said in December it is looking to invest $800m in the Arabian Gulf and beyond from 2018 as it banks on sector growth because of privatisation of the healthcare sector in Saudi Arabia and the roll-out of mandatory health insurance in Dubai and Oman.
The company's $800m "war chest" includes $500m from cash and funded facilities and $300m from the company’s balance sheet. The company said it would also consider issuing a bond to help fund any acquisitions.
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Read more:
NMC Healthcare says to deploy $800m ‘war chest’ from 2018
NMC Healthcare snaps up two Saudi hospitals for $40m
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The Fakih IVF facility will be paid 27 per cent in cash and 73 per cent in NMC shares via the issuance of 3.5 million shares based on its Wednesday closing price of £29.2 a share. The As Salama hospital transaction will be paid in cash.
"The acquisition of the outstanding minority stakes in Fakih IVF and As Salama hospital represent highly value accretive transactions for NMC's shareholders,” said Mr Manghat. “In particular, the Fakih IVF transaction provides us with an enhanced platform from which to grow our fertility business. As the second largest global IVF player, NMC remains very well positioned to be the leading consolidator in the fertility market."
NMC’s main business has historically been within the UAE, where it has built and managed some of the country’s oldest hospitals for the last three decades.
However, the company said last month it seeks to expand outside the GCC to other emerging markets. The healthcare provider also said it wants to expand its fertility treatment business globally, and add new healthcare “verticals” focusing on under-served segments in the GCC.
NMC posted a 39 per cent rise in first-half profits in August, boosted by income from its acquisition of the Al Zahra Hospital in Sharjah for $560m in February.
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
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The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
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UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
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