Abu Dhabi healthcare provider Burjeel Holdings will sell 11 per cent in the company in an initial public offering, becoming the first privately owned firm to go public in the UAE this year.
The company plans to sell 550.7 million shares, it said in a statement on Monday. The offering includes 350.3 million shares sold by VPS Healthcare Holdings, which owns 79.8 per cent of Burjeel.
Of the offered shares, 10 per cent are to be allocated under the first tranche and 90 per cent under the second tranche.
The subscription period for institutional and retail investors will open on September 30 and close on October 4. The company's shares will start trading on the Abu Dhabi Securities Exchange on October 10.
On September 19, Abu Dhabi’s International Holding Company, the UAE’s largest company by market value ($178 billion), bought a 15 per cent stake in Burjeel.
Burjeel Holdings, founded in 2007 by Dr Shamsheer Vayalil, has a network of about 61 assets, including hospitals and medical centres, as well as pharmacies and other allied services throughout the UAE and Oman. The company plans to enter Saudi Arabia with investments of up to $1bn planned in the Arab world’s largest economy through joint ventures and public-private partnerships.
“Our long-term vision focused on increasing access to quality healthcare and clinical excellence across the region has driven our growth over the past 15 years,” Dr Vayalil said.
“Today’s announcement builds on our partnership with IHC which will have a transformative impact for Burjeel Holdings through the addition of new capabilities, capital and access to new markets.
“As healthcare expenditure continues to increase across the region, Burjeel Holdings is strongly positioned to benefit through our focus on providing complex, specialised medicine for all socioeconomic groups, through a targeted, multi-brand strategy.”
Burjeel had revenue of nearly Dh3.4bn in the 2021 fiscal year, representing an 18 per cent compound annual growth rate from 2019 to 2021.
The company plans to pay cash dividends from 2023 onwards, on the expected basis of a payout ratio of 40 to 70 per cent of net income, depending on the required investment for additional growth plans.
The first interim dividend is expected to be paid in the second half of 2023 on the basis of net income for the first half of 2023.
Dubai Islamic Bank is the lead manager on Burjeel's IPO, while First Abu Dhabi Bank is lead receiving bank and International Securities acting as financial advisor.
Unlike capital markets in the US and Europe that have descended into bearish territory, the UAE has experienced a flurry of IPOs, with various government owned companies listing.
ADX, the Arab world's second-largest stock market, recorded a surge in liquidity and foreign investment in 2021 on the back of new listings, anchoring it as one of the world’s best-performing equity gauges in 2021.
IPOs have propelled the market value of the ADX to Dh2.25 trillion ($614bn), as of the close of trading on Friday.
Listings on the Abu Dhabi market this year include Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis and Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate.
Nine companies listed on bourse last year, including Adnoc Drilling, as well as Fertiglobe, the world’s largest seaborne exporter of urea and ammonia combined, Alpha Dhabi, the property and construction company owned by IHC and Yahsat, the satellite operator owned by Mubadala Investment Company.
Last year, Abu Dhabi also announced a Dh5bn IPO fund to help encourage and support private companies to list on the local stock market.
Investment in the UAE's healthcare sector has picked since the Covid-19 pandemic. Companies are consolidating their assets to gain scale and add additional services including diagnostics, testing and other support services to better serve patients and increase their market share.
Dubai-listed investment company Amanat Holdings acquired Cambridge Medical and Rehabilitation Centre for $232m in one of the region's biggest healthcare deals last year.
In January, Abu Dhabi holding company ADQ merged its healthcare subsidiaries with Alpha Dhabi’s Pure Health Medical Supplies to streamline their portfolios, creating the UAE’s largest healthcare provider.
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4. The biggest black holes lurk at the centre of many galaxies, including our own
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Asian Champions League, last 16, first leg:
Al Jazira 3 Persepolis 2
Second leg:
Monday, Azizi Stadium, Tehran. Kick off 7pm
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Afghanistan squad
Gulbadin Naib (captain), Mohammad Shahzad (wicketkeeper), Noor Ali Zadran, Hazratullah Zazai, Rahmat Shah, Asghar Afghan, Hashmatullah Shahidi, Najibullah Zadran, Samiullah Shinwari, Mohammad Nabi, Rashid Khan, Dawlat Zadran, Aftab Alam, Hamid Hassan, Mujeeb Ur Rahman.
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
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Emirates Cricket Board Women’s T10
ECB Hawks v ECB Falcons
Monday, April 6, 7.30pm, Sharjah Cricket Stadium
The match will be broadcast live on the My Sports Eye Facebook page
Hawks
Coach: Chaitrali Kalgutkar
Squad: Chaya Mughal (captain), Archara Supriya, Chamani Senevirathne, Chathurika Anand, Geethika Jyothis, Indhuja Nandakumar, Kashish Loungani, Khushi Sharma, Khushi Tanwar, Rinitha Rajith, Siddhi Pagarani, Siya Gokhale, Subha Srinivasan, Suraksha Kotte, Theertha Satish
Falcons
Coach: Najeeb Amar
Squad: Kavisha Kumari (captain), Almaseera Jahangir, Annika Shivpuri, Archisha Mukherjee, Judit Cleetus, Ishani Senavirathne, Lavanya Keny, Mahika Gaur, Malavika Unnithan, Rishitha Rajith, Rithika Rajith, Samaira Dharnidharka, Shashini Kaluarachchi, Udeni Kuruppuarachchi, Vaishnave Mahesh
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
