For its upcoming initial public offering (IPO), UAE-based hospital operator Burjeel Holdings is looking for local investors, according to two people who spoke to Reuters.
This is part of scrapping the Abu Dhabi-based firm’s plans to seek foreign investors after the emirate’s International Holding Company (IHC) acquired a 15 percent stake this week.
Egypt-listed EFG-Hermes and JPMorgan are no longer involved in the deal, the sources told Reuters, declining to be named as the matter is not public.
The company will now focus on its domestic market instead of US investors.
“IHC said on Monday in a regulatory disclosure that its acquisition of a stake in Burjeel would help diversify its healthcare investments both locally and regionally,” Reuters said adding neither Burjeel Holdings nor EFG-Hermes and JPMorgan have shared a comment.
According to Reuters, due to Brexit in 2020, the privately held corporation, which runs 39 hospitals and medical facilities in the UAE, “had originally planned to go public with a listing in London, but in 2019 was forced to reconsider”.