Bupa today announced it has completed on its agreement to increase its stake in Bupa Arabia by 5% to 39.25% by acquiring a portion of Nazer Group’s stake in the company.
Regulatory approvals have been granted by relevant Kingdom of Saudi Arabia (KSA) authorities.
The increase in Bupa’s stake in Bupa Arabia is in line with Bupa’s strategy of investing in its market position in geographies in which it already operates, as well as its ongoing commitment to meeting the healthcare needs of customers in the KSA. It is recognition of the opportunity to further develop the private health insurance market in the KSA, which the government called out as a key growth sector and important pillar in its Saudi Vision 2030 Strategy.
Bupa had announced its intention to increase its stake in Bupa Arabia in March 2018.
Notes to editor
- Bupa Arabia is an associate business, established as a joint venture between Bupa and Nazer Group, which have together developed a long and successful partnership since 1997. Bupa Arabia is one of the largest and most successful health insurance providers in the KSA, servicing 3.3m customers, and has grown customers as well as revenue and profit over the last 10 years.
- The agreed price of SAR 100 per share (approximately £77m/ SAR 400 million) reflects the parties’ confidence in the strong future prospects of Bupa Arabia.
- Bupa Arabia has one of the widest healthcare networks in the KSA with over 320 clinics or hospitals in the region. It provides a highly differentiated service model, as well as the most comprehensive healthcare offering in the KSA health insurance market. Bupa Arabia’s share price has risen strongly since the 2008 IPO.
About Bupa
Bupa's purpose is helping people live longer, healthier, happier lives and making a better world.
We are an international healthcare company serving over 31 million customers worldwide. With no shareholders, we reinvest profits into providing more and better healthcare for the benefit of current and future customers.
We directly employ around 85,000 people, principally in the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong SAR, Turkey, Brazil, Mexico, the US, Middle East and Ireland. We also have associate businesses in Saudi Arabia and India.
