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ADDENDUM ANNOUNCEMENT: BUPA COMPLETES INCREASE IN STAKE IN BUPA ARABIA TO 43.25%, WITH NAZER GROUP REMAINING A LONG-TERM SHAREHOLDER
| Element List | Explanation |
|---|---|
| Introduction | Further to the Tadawul announcement of 10/06/2020G, and in accordance with Article 24(b) of the Merger and Acquisition (M&A) Regulations, Bupa Arabia makes this announcement on behalf of Bupa Investments Overseas Limited (BIOL), a Bupa Group (Bupa) company. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2020-06-10 Corresponding to 1441-10-18 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | On 30/08/2020G, BIOL and the Nazer Group completed the sale arrangements for the purchase of 4,800,000 Bupa Arabia shares, representing 4.00% of Bupa Arabia’s share capital, by BIOL from Modern Computer Programs Company (MCPC), a Nazer Group Company. The completion takes BIOL’s total ownership stake in Bupa Arabia from 39.25% to 43.25%. The transaction was a private cash transaction concluded at the agreed price of SAR 105 per share, totaling SAR 504 million. The transaction reflects Bupa’s confidence in Bupa Arabia’s strong future growth prospects. Bupa views the Kingdom of Saudi Arabia as a market with rising customer demand for high quality healthcare funded by private health insurance. Bupa has incrementally increased its shareholding in Bupa Arabia over recent years in line with its global strategy of investing to strengthen its existing market positions to deliver sustainable growth. Bupa believes that Bupa Arabia will continue to benefit from Bupa’s considerable experience and expertise as a leading global health insurer and provider. This will be complemented by both the Nazer Group and Bupa Arabia’s expertise in the local market. Bupa has no immediate plans to make any significant changes to Bupa Arabia’s business activities, shareholder structure, employee structure or otherwise, unless as otherwise may be decided by the Board of Directors of Bupa Arabia. As previously announced, the Nazer Group will continue to remain a long-term shareholder in Bupa Arabia. Both Bupa and the Nazer Group are pleased to confirm that Eng. Loay Nazer intends to continue as the Chairman of the Bupa Arabia Board and Mr. Tal Nazer as CEO of Bupa Arabia. |
| Financial Impact on the change | There is no financial impact on Bupa Arabia as the transaction was a private cash transaction between two shareholders. |
The Capital Market Authority and Saudi 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.
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