Mumbai-listed Aster began a sales process at the end of last year to demerge the Gulf business to help investors and analysts better understand the company, one of the sources said. They want to monetise the business and believe that they are not getting appreciation of the GCC business in the share price, the source said. Aster's stock price has declined 4% this year. (Reporting by Hadeel Al Sayegh; Editing by Edmund Klamann and Mark Porter)
(Updates with comment from Aster)
By Hadeel Al Sayegh
DUBAI, March 3 (Reuters) - Dubai-based Aster DM
Healthcare is looking to sell a majority stake in its
Gulf-based business and has short-listed buyers for the sale,
two sources with direct knowledge of the matter told Reuters.
Aster, which operates hospitals, clinics and pharmacies in
the Gulf and India, is looking to sell a stake of more than 50%
in its business in the region, said the sources, declining to be
named as the matter is not public.
Private equity firm Fajr Capital and Dubai financial
services firm Gulf Islamic Investments have been shortlisted in
the process, the sources said.
Fajr declined to comment, while Gulf Islamic Investments did
not immediately respond to a request for comment when contacted
by Reuters on Friday.
"All relevant information related to the group
re-organisation and investors refresh for the GCC business has
been reported to the stock exchange in accordance with
applicable law," Aster said in response to a Reuters request for
comment.
"While we don't comment on market speculation related to
names of companies, financial value, timelines etc., we would
like to clarify that any information circulating around this
subject does not accurately capture the terms or nature of the
proposed reorganisation. The Company will make disclosures to
the stock exchanges when required under applicable laws," Aster
said.
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