BUPA TO INCREASE STAKE IN BUPA ARABIA TO 43.25% WITH NAZER GROUP REMAINING A LONG-TERM SHAREHOLDER
| Element List | Explanation |
|---|---|
| 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. |
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