Tuesday, 30 November 2021 01:06 GMT

NMC deals boost London share price

(MENAFN- Emirates News Agency (WAM))

LONDON, 5th January 2017 (WAM) – UAE-based NMC Health was the best-performing company in the top-rank FTSE 100 Index on the London Stock Exchange yesterday, following an announcement of two major deals in the UAE, worth a total of US$250 million, and the completion of two deals in Saudi Arabia.

Shares in the company, listed as NMC.L, rose by 4.5 percent to 30.8 pounds sterling.

In the UAE, NMC Health acquired the outstanding 49 percent minority stake in Fakih IVF for US$205 million, having originally bought a 51 percent stake from the company's founder, Dr. Michael Fakih, in 2015. It now plans to continue to expand its fertility network, from the new IVF clinics opened in UAE and Oman last year, with additional expansion planned in other countries, particularly Saudi Arabia, to maintain a market leading position, a company statement said.

The second UAE deal was the acquisition of the outstanding 30 percent minority stake in As Salama Hospital for a price of US$45 million. NMC Health bought 70 percent of As Salama Hospital in 2016.

The company statement also announced the completion of two deals in Saudi Arabia, originally announced last September, a 60 percent stake in the Al Qadhi Hospital in Najran and a 100 percent stake in the Al Rashid Hospital in Ha'il, for a total consideration of US$40 million.



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