16th Sep 2016 09:59
LONDON (Alliance News) - Mediclinic International PLC on Friday said it has entered into arrangements with partners in South Africa to formalise the basis in which they hold their shares in the company.
Back in 2005 and South African hospital group Mediclinic SA sold a stake in its business under a black economic empowerment transaction to MP1 Investment Holdings Proprietary Ltd and Phodiso Holdings Ltd.
The company said that, following its formation through Mediclinic SA's takeover of Al Noor Hospitals Group in February, it has agreed arrangements to formalise the holdings of these partners. It said that these are in the same form in "all material aspects" as its arrangements before the takeover, but it now has agreed lock-in arrangements.
Under these agreements, the sale of Phodiso's 3.3% stake is restricted to the end of 2018, and the sale of MP1's 1.5% stake is restricted to the end of 2019.
Shares in Mediclinic were down 0.9% at 933.50 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
MDC.L