15th Feb 2016 07:45
LONDON (Alliance News) - Al Noor Hospitals Group PLC will change its name to Mediclinic International PLC following the takeover of the company by its larger South African rival, Al Noor said on Monday, after the merger of the two become unconditional.
Shares in the merged entity will start trading in London on Monday under the Mediclinic International PLC name. It will have secondary listings in South Africa and Namibia.
Al Noor agreed a reverse takeover of Mediclinic last year, following a bidding battle for the Abu Dhabi-based hospitals operator.
"We are very pleased to have completed this deal and are excited by the opportunities it presents for future growth. Mediclinic is a leading international private healthcare provider with operational expertise and a well-balanced geographic profile in Southern Africa, Switzerland and the UAE, and with exposure to the UK through a minority stake in Spire Healthcare." said Chief Executive Danie Meintjes, who becomes CEO of the combined company from Monday.
"Our listing status will provide incremental advantages through increased liquidity and greater access to a global investor base and a likely reduction in cost of capital," he added.
The combined company will have a market capitalisation of around GBP6.0 billion, making it comfortably big enough to enter the FTSE 100 when the next quarterly review takes place in March.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
MDC.L