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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 31/08/2020G, on behalf of Bupa Investments Overseas Limited (BIOL), which confirmed BIOL’s increase in its shareholding in Bupa Arabia from 39.25% to 43.25%, via BIOL completing the acquisition of a 4.00% stake from Modern Computer Programs Company Limited (MCPC), a Nazer Group company, Bupa Arabia would, in accordance with Article 24(c) of the Merger and Acquisition Regulations, now like to inform its shareholders of certain matters related to this share acquisition completion, and BIOL’s consequent increased shareholding in Bupa Arabia. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2020-08-31 Corresponding to 1442-01-12 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | As a result of the shares acquisition BIOL will neither benefit from any additional rights (other than the increase in its voting rights, and dividend distribution rights, which naturally have increased by 4.00%), nor be subject to any further obligations, in relation to Bupa Arabia pursuant to relevant laws and regulations, other than as provided for in Bupa Arabia’s By-Laws, and further there is not expected to be any financial impact on, or structural changes to, Bupa Arabia as a result of the shares acquisition. As a result of the shares acquisition, and as required pursuant to the implementing regulations of the Capital Market Law, BIOL may not trade in the shares of Bupa Arabia for a period of six months following the completion of the aforementioned share acquisition, without prior approval from the Capital Market Authority (and in accordance with any conditions it may set). Bupa Arabia confirms Bupa has indicated that it 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. Accordingly, the Board of Bupa Arabia does not anticipate any changes to its plans with respect to its business activities, shareholders and employees as a result of the completion of the above mentioned transaction. |
| Financial Impact on the change | There is no financial impact on Bupa Arabia as the transaction was a private cash transaction between two shareholders. |
| Additional Information | 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. |
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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