Bupa to increase stake in Bupa Arabia to 34.25% with Nazer Group continuing to remain a long-term shareholder
Bupa is planning to increase its shareholding in Bupa Arabia from 26.25% to 34.25%. This follows an agreement on the acquisition of a portion of ASAS' (a Nazer Group Company) stake in Bupa Arabia, resulting in an 8% increase of Bupa's stake to 34.25%. This transaction builds on the two organisations' long and successful 20 year partnership since the commencement of operations in Saudi Arabia in 1997. This is a transaction between Bupa and Nazer Group and the agreed price of SAR 143 per share, totaling SAR 915.2 million reflects the partners' confidence in the strong future prospects of Bupa Arabia. Following the conclusion of the transaction, Nazer Group will continue as a shareholder in Bupa Arabia. Both parties are pleased to confirm that Mr. Loay Nazer intends to continue as the Chairman of the Bupa Arabia Board and Mr. Tal Nazer as CEO. The closing of the transaction is subject to the customary regulatory approvals.
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