UAE healthcare provider Burjeel Holdings to sell 11% stake in IPO

UAE healthcare provider Burjeel Holdings to sell 11% stake in IPO

UAE healthcare operator Burjeel Holdings plans to list 11 per cent of its share capital on the main market of the Abu Dhabi Securities Exchange (ADX), it announced on Monday. The company intends to offer 550.729 million shares, of which 200.397 million will be new shares and VPS Healthcare Holdings will offer up to 350,331,555 existing shares. As many as 10 per cent of the offering is to be allocated under the first tranche and the remaining 90 per cent under the second tranche. The subscription period for the listing will open on Friday, September 30 and run until Tuesday, October 4. The company will list its shares for trading on October 10. Burjeel intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 per cent. of net income, dependent on the required investment for additional growth plans, a statement said. The first interim dividend is expected to be paid in the second half of 2023 on the basis of net income for the first half of 2023. Burjeel Holdings provides healthcare services with a network of 61 assets, including 39 hospitals and medical centers, as well as pharmacies and