Bupa expands stake in Bupa Arabia
Bupa’s share of Bupa Arabia is to increase following the firm’s agreement to acquire a portion of Napier Group’s stake
The firm’s share will increase by four per cent, bringing Bupa’s overall stake to 43.25 per cent. The agreed price of SAR105 (US$28) per share values the deal at SAR504 million ($134.32 million).
Bupa and the Nazer Group together hold over 50 per cent of the shares in Bupa Arabia, although they continue to act independently of each other. The rest are publicly traded.
Bupa Group CEO, Evelyn Bourke, said, “Bupa Arabia is a long-standing and high-performing part of our organisation. We are increasing our shareholding in recognition of its continued success and our ongoing commitment to meeting the rising healthcare needs of customers in the KSA [Saudi Arabia]. We look forward to continuing to serve the KSA market, in partnership with Nazer Group.”
Chairman of Bupa Arabia and founder and Chairman of Nazer Group, Loay Hisham Nazer, said: “We are very proud of the achievements and success of Bupa Arabia, underpinned by a great partnership between Nazer and Bupa. This serves as an example of how Saudi companies can attract the highest quality of foreign investors who bring expertise to the market, while benefiting from the local knowledge of the Saudi partner. Our commitment to Bupa Arabia remains very strong. I am committed to stay on as Chairman, and Tal Nazer is committed to serve as CEO.”