Bupa Investments raises stake in Saudi’s Bupa Arabia for $134mln

Bupa Investments raises stake in Saudi’s Bupa Arabia for $134mln

Bupa Investments Overseas Limited (BOIL) has completed the acquisition of four percent of Nazer Group's stake in Bupa Arabia, raising its ownership in the Saudi-listed insurer to nearly half.The transaction, which involved the purchase of 4.8 million Bupa Arabia shares from Modern Computer Programs Company (MCPC), a Nazer Group firm, was done on August 30, the company said on Monday.The deal was a private cash transaction at the agreed price of 105 Saudi riyals per share, totalling 504 million riyals ($134 million). It takes BIOL's stake in Bupa Arabia from 39.35 percent to 43.25 percent."The transaction reflects Bupa's confidence in Bupa Arabia's strong future growth prospects,“ Bupa Arabia said in a filing to the Saudi Stock Exchange (Tadawul).Bupa Arabia is one of the largest health insurers in the kingdom, with