JKH Group exits from Central Hospitals with Rs. 662m

Friday, 7 February 2014 00:47 - - {{hitsCtrl.values.hits}}

Asiri Hospital Holdings buys 37.34% stake for Rs. 1.59 b; Aureos South Asia Fund exits too

John Keells Holdings said yesterday it has divested a 24.60% stake in Central Hospitals Ltd. (CHL) for Rs. 1.59 billion. The stake amounted to 52.94 million shares and the deal worked out to around Rs. 30 per share. JKH said capital gain accruing to the Group from the deal was around Rs. 662 million. Union Assurance Plc which held a 2.73% stake and Aureos South Asia Fund LLC holding a 10% stake also sold out. In a separate announcement, Softlogic Holdings Group said Asiri Hospital Holdings Plc acquired a 37.34% stake in Central Hospital Ltd. The parties came together via a private placement in 2009. Softlogic said following the sale several agreements between the parties were cancelled with effect from 6 February. Asiri Hospitals Holdings owns a 99.3% stake in Asiri Central Hospitals Plc. Softlogic Holdings Plc/Group owns nearly 50% of Asiri Hospital Holdings Plc whilst Actis Investment Holdings SL Ltd. holds 26%.

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