London/Dubai: Dubai private equity firm Ithmar Capital has sold a 7.3 per cent stake in Al Noor Hospitals
for £10.30 per share, two sources familiar with the matter said on Thursday, in a deal worth £87.55 million (Dh522 million, $142 million).
Ithmar offered 8.5 million shares in the health care firm in the first such sell-down since the company was listed in July 2013. The sale leaves Ithmar with a 20 per cent stake, according to Thomson Reuters data.
The sale price was above the mid-point of the original range of £10.00 to £10.50, and came at a 4.1 per cent discount to Wednesday’s closing price of £10.74.
The overnight sale was managed by Deutsche Bank, which was one of the banks that helped arrange the original flotation last year.
Share price
One of the largest private health care providers in Abu Dhabi, Al Noor has seen its share price nearly double from its listing price of £5.75.
Gulf health care firms have become popular with investors, given the growing wealth of the region and also the increase in “lifestyle diseases” - for example, five of the six Gulf states are in the global top 10 for prevalence of diabetes.
Al Noor’s other main shareholders are founders Shaikh Mohammad Bin Butti Al Hamed and Chief Executive Kassem Alom, who own 28.25 per cent and 10.32 per cent respectively.
