By Hadeel Al Sayegh
DUBAI (Reuters) -Abu Dhabi’s PureHealth Holding, owned by Abu Dhabi sovereign wealth fund ADQ and one of the capital’s biggest conglomerates, on Friday said it plans to raise 3.62 billion dirhams ($985.81 million) from the sale of a 10% stake in a public share sale.
PureHealth played a pivotal role in screening for COVID-19 infections in the United Arab Emirates, and its initial public offering has been in the works for years. It is the UAE’s largest healthcare provider, but has plans to grow internationally.
The company is offering about 1.11 billion shares at an offering price of 3.26 dirhams during the subscription period which opens on Dec. 6 and ends on Dec. 11, according to an emailed statement.
Both ADQ and International Holding Company (IHC) are chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.
IHC subsidiaries have previously listed on the ADX exchange to boost the market as part of a broader strategy to diversify the city-state’s economy away from hydrocarbons, deepen capital markets, and spur investment.
($1 = 3.6721 UAE dirham)
(Reporting by Hadeel Al Sayegh; Editing by Sharon Singleton)
