(Alliance News) - Credit Suisse Securities Eur Ltd late Tuesday said it has launched two accelerated bookbuilds, offering USD490 million in NMC Health PLC shares and USD75 million in Finablr PLC shares.
NMC shares closed 11% lower in London on Tuesday at 1,494.50 pence each, giving it a market capitalisation of GBP3.12 billion. Finablr shares ended the day down 5.8% at 154.50p, with a market cap of GBP1.08 billion.
NMC was founded by entrepreneur BR Shetty, whose controlling partners in the business are two Abu Dhabi investors, Saeed Al Qebaisi and his relative Khalifa Al Muhairi. Shetty also set up UAE Exchange, a chain of remittance houses, which expanded into Finablr.
Credit Suisse explained that Al Qebaisi and Al Muhairi are selling shares to reduce outstanding indebtedness of themselves and other corporate entities owned by them under borrowings raised by Nov Partners Investment Ltd.
The net proceeds from the two accelerated bookbuild offerings are expected to be used to repay these borrowings in full.
Credit Suisse said about 85% of NMC shares are owned by Al Qebaisi, with the remainder owned by Al Muhairi. Meanwhile, Finablr shares are owned equally by Al Qebaisi and Al Muhairi.
Following the sale, the broker said Al Muhairi will remain a main shareholder in NMC Health and will undertake a 360 days lock-up for his shares, subject to certain exceptions. Al Qebaisi will also undertake a 180 days lock-up.
Credit Suisse also noted that Al Muhairi and Al Qebaisi jointly own an additional 7% stake in NMC through Infinite Investments LLC.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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