Riyadh - Mubasher: Bupa Investments Overseas Limited (BIOL) completed the procedures to buy 4.8 million shares in Bupa Arabia for Cooperative Insurance Company from Modern Computer Programs Company (MCPC), a Nazer Group firm, representing to 4% of Bupa Arabia’s share capital.
Accordingly, Bupa Investments’ stake in Bupa Arabia increased to 43.25% from 39.25%, according to a stock exchange filing on Monday.
Moreover, the deal was concluded at the previously agreed-upon share price of SAR 105 or a total of SAR 504 million and reflects Bupa Investments' strong confidence in Bupa Arabia’s future growth outlook.
Bupa Investments has no current plans to change neither of Bupa Arabia’s business activities nor its shareholder or employee structure, unless as otherwise may be decided by Bupa Arabia’s board.
Nazer Group will continue to remain a long-term shareholder in Bupa Arabia, Loay Nazer will continue to serve as the board chairman of Bupa Arabia, and Tal Nazer as CEO of Bupa Arabia.
This is a private cash transaction between the two shareholders, hence, the deal will have no financial impact on Bupa Arabia.
