Saudi Arabia: Bupa to invest $267 mln to raise stake in Bupa Arabia

Source: Middle East Insurance Review | Jun 2017

Bupa is planning to increase its shareholding in Bupa Arabia from 26.25% to 34.25%, in a deal worth almost SAR1 billion (US$266.6 million).

This follows an agreement on the acquisition of a portion of ASAS’ stake in Bupa Arabia that would raise Bupa’s stake by an additional 8%. ASAS is part of the Nazer Group Company which also holds shares in Bupa Arabia.

The agreed price of SAR143 per share, with the deal worth SAR915.2 million, reflects the partners’ confidence in the strong future prospects of the insurer.

Following the conclusion of the transaction, the Nazer Group will continue as a shareholder in Bupa Arabia.

Mr Loay Hisham Nazer intends to continue as the Chairman of the Bupa Arabia Board and Mr Tal Nazer as CEO. The closing of the transaction is subject to the customary regulatory approvals.

Bupa Arabia, founded in 2008, has become one of the leading health insurance providers in Saudi Arabia serving over three million customers. M

SAR1 = US$0.26

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