Abu Dhabi’s healthcare operator Burjeel Holdings, is set to sell 11 percent of the company with its initial public offering (IPO).
Burjeel is the first privately owned company to go public in the UAE this year, with plans of selling a total of 550.7 million shares, the company said in a statement on Monday.
The healthcare provider, which operates 39 hospitals and medical centres in the UAE, also said it plans to offer about 200.4 million new shares, whereas the selling shareholder – VPS Healthcare Holdings PVT. LTD – plans to sell about 350.3 million existing shares.
The offering begins on September 30 and closes on October 4.
The trading of the company’s shares on the Abu Dhabi Securities Exchange (ADX) will begin on October 10.
On Saturday, Burjeel was reported to be seeking local investors ahead of the listing as part of scrapping the Abu Dhabi-based firm’s plans to seek foreign investors after the emirate’s International Holding Company (IHC) acquired a 15 percent stake this week.
Egypt-listed EFG-Hermes and JPMorgan are no longer involved in the deal, the sources told Reuters, declining to be named as the matter is not public.
The company will now focus on its domestic market instead of US investors, the sources said.
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