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CORRECT: Al Noor Principal Shareholders To Tender All Shares In Merger

Mon, 08th Feb 2016 17:30

(Correcting an item published earlier on Monday to specify the fall in the company's share price.)

LONDON (Alliance News) - Al Noor Hospitals Group PLC on Monday said two principal shareholders have increased the amount of shares they will tender for cash in connection with the merger with Mediclinic International PLC.

Deputy Chairman Kassem Alom and Mohammed Bin Butti Al Hamed, who is a person connected to Non-Executive Director Mansoor Bin Butti Al Hamed, have decided to tender all of their shares instead of the 75% they had originally planned.

Al Noor said Alom's reasoning is due to changes in personal circumstances and market conditions, while Al Hamed's intention is also because of a change in personal circumstances.

Alom holds 7.1 million shares which are held by Maksar Investments Ltd, and Al Hamed holds 33 million shares which are held by Sapor Business Corp.

Al Noor is being bought by South Africa-based Mediclinic in a reverse takeover which became unconditional in January, and which will create a company with a market capitalisation of around GBP6.0 billion.

Shares in Al Noor closed down 0.3% at 1,161.00 pence on Monday.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews