Bupa, the international health insurer and provider, proposes to further increase its stake in Bupa Arabia by 4% to 43.25%. This follows an agreement to acquire a portion of Nazer Group’s stake in Bupa Arabia. Bupa is now submitting formal applications to the relevant Kingdom of Saudi Arabia (KSA) authorities for the customary regulatory approvals.
Bupa and Nazer Group first formed a partnership in 1997 and Bupa Arabia was established in 2008. Bupa Arabia has since grown to become the leading health insurance provider in the KSA.
The KSA is a market with rising customer demand for high quality healthcare funded by private health insurance, and Bupa has incrementally increased its shareholding of this successful business over recent years. The increase in Bupa’s shareholding is in line with Bupa’s strategy of investing to strengthen its existing market positions to deliver sustainable growth.
Bupa Group CEO, Evelyn Bourke said: “Bupa Arabia is a long-standing and high-performing part of our organisation. We are increasing our shareholding in recognition of its continued success and our ongoing commitment to meeting the rising healthcare needs of customers in the KSA. We look forward to continuing to serve the KSA market, in partnership with Nazer Group.”
Chairman of Bupa Arabia and Founder and Chairman of Nazer Group, Loay Hisham Nazer, added: “We are very proud of the achievements and success of Bupa Arabia, underpinned by a great partnership between Nazer and Bupa. This serves as an example of how Saudi companies can attract the highest quality of foreign investors who bring expertise to the market, while benefiting from the local knowledge of the Saudi partner. Our commitment to Bupa Arabia remains very strong. I am committed to stay on as Chairman, and Tal Nazer is committed to serve as CEO.”
Notes to editor
- Bupa has been incrementally increasing its shareholding over recent years with similar investments made in 2017 and 2018.
- Together, Bupa and the Nazer Group will continue to hold over 50% of the shares in Bupa Arabia, although continue to act independently of each other. The remainder of the shares in Bupa Arabia are publicly traded.
- The agreed price of SAR 105 per share (SAR 504m, approximately £106m) reflects the continuing long-term growth prospects of Bupa Arabia.
Enquiries
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Rupert Gowrley (Corporate Affairs): [email protected]
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About Bupa Arabia
- Bupa Arabia is the leading health insurance provider in the KSA and has grown its customers, revenue and profit over the last 10 years.
- Bupa Arabia has established one of the widest healthcare provider networks in the KSA for health insurance customers, providing them with access to an extensive network of 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. For more information, visit bupa.com.sa
- As a result of a partnership entered into between Bupa and Nazer Group in 1997, Bupa Arabia was listed on the Saudi stock market (Tadawul), in the KSA in 2008.
About Nazer Group
Nazer Group was founded in 1991 to invest in a diverse range of entrepreneurial opportunities in Saudi Arabia. It has controlling interests in various subsidiaries, joint ventures and other investments – including a strong portfolio of healthcare businesses with world-class quality healthcare partners
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.
