Standard Chartered finances Mediclinic's acquisition of minority interests in Emirates Healthcare, UAE
- United Arab Emirates: Monday, October 22 - 2012 at 11:18
- PRESS RELEASE
Standard Chartered is the sole mandated lead arranger for the acquisition by Mediclinic International Limited (Mediclinic) of minority interests in Emirates Healthcare Holdings Limited (Emirates Healthcare). The transaction concluded today, with all outstanding conditions precedent being successfully met.
The Dubai-based institution currently employs around 1,900 staff, with the capacity to operate 334 beds. The company sees in excess of 600,000 patients per annum in its hospital and clinic outpatient facilities and boasts world-class specialists to meet the needs of the international workforce based in Dubai.
"This transaction is the logical next step as we continue to invest in attractive growth and development opportunities across our operations in Southern Africa, Switzerland and the United Arab Emirates. Emirates Healthcare has grown at exceptional rates since Mediclinic's entry in 2006 and the opening of The City Hospital in 2008, Dubai's largest private hospital. Based in Dubai, Emirates Healthcare is ideally positioned to benefit from the ongoing growth within the United Arab Emirates and surrounding regions.
Standard Chartered brings valuable insight and capabilities, from a strong presence both in Africa and the Middle East, which contributed to the success of this strategic milestone" remarked Craig Tingle, Mediclinic's Chief Financial Officer.
Philip Reynolds, Standard Chartered's Head of Strategic Client Coverage for Africa added, "It gives us great pleasure to support another South African company's acquisition and expansion beyond the African continent into the world's growing territories. The Bank is ideally placed to support the rapid expansion of trade and investment between Africa, Asia and the Middle East, and we look forward to facilitating further growth of Africa's private sector."
Standard Chartered is the sole mandated lead arranger for bridge as well as long term debt facilities and sole transactional account bank in Dubai.
Standard Chartered is proving to be a valuable asset in supporting the growth and expansion of corporates between Africa and Asia, having been mandated as exclusive financial advisor in a number of strategic transactions, including: Invicta Holding's proposed acquisition of Singapore's Kian Engineering (ZAR1,36bn/ approx. $154m); China Investment Corporation's (CIC) first African investment via a stake in Shanduka (ZAR2bn / approx. $226m), and Net1 South Africa's purchase of KSNet in Korea (ZAR1.7bn/ approx $192m).
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