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Mediclinic to take full control in Dubai

Aug 27 2012 09:32 Reuters

Company Data

MEDICLINIC INTERNATIONAL LIMITED [JSE:MDC]

Last traded 122
Change 0
% Change 0
Cumulative volume 532117
Market cap 0

Last Updated: 01-04-2015 at 04:15. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Mediclinic [JSE:MDC], South Africa’s No. 2 private hospital group by value, is to pay $223.6m to buy out minorities in its Middle East business, it said on Monday, giving it full control of Dubai’s biggest private healthcare operator.

Mediclinic, whose stake in Emirates Healthcare is just over 50%, said it would buy the remainder from Varkey Group and General Electric Company.

Emirates Healthcare runs two hospitals and eight clinics in the Middle Eastern nation, treating more than 600 000 patients per year.

Cape Town-based Mediclinic would fund the deal through an equity contribution of R1bn ($119.13m) and debt raised in Dubai, it said.

It said it was in advanced talks with Standard Chartered Bank about a debt funding.

Earlier this month, Mediclinic, which also operates the largest private hospital chain in Switzerland, said it would raise R5bn through a rights issue to refinance debt and fund expansion.

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