BUPA TO INCREASE STAKE IN BUPA ARABIA TO 43.25% WITH NAZER GROUP REMAINING A LONG-TERM SHAREHOLDER
|Announcement Detail||Bupa Investments Overseas Limited (BIOL) is planning to increase its shareholding in Bupa Arabia from 39.25% to 43.25%. This follows an agreement on the acquisition of a portion of Nazer Group’s stake in Bupa Arabia, resulting in a 4.00% increase of BIOL’s stake to 43.25%. |
This is a transaction between Bupa and Nazer Group and the agreed price, of SAR 105 per share, totaling SAR 504 million reflects the partners’ confidence in the strong future prospects of Bupa Arabia.
This transaction builds on the two organizations’ long and successful partnership since the commencement of operations in Saudi Arabia in 1997.
Following the conclusion of the transaction, Nazer Group will continue as a shareholder in Bupa Arabia.
Both parties are pleased to confirm that Mr. Loay Nazer intends to continue as the Chairman of the Bupa Arabia Board, and Mr. Tal Nazer as CEO.
The closing of the transaction is subject to the completion of the required formalities, including the securing of any required regulatory approvals.
The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.