Middle East Healthcare gets CMA nod for IPO in March

Saudi Arabia’s market regulator, the Capital Market Authority (CMA), said Middle East Healthcare Co. (MEAHCO) will float 30 percent of its capital in an initial public offering (IPO).

The IPO will be held from March 3 to 9, after the company completes the book-building process, according to the market regulator’s statement.

The public offering, initially scheduled for February, was postponed at MEAHCO’s request, according to the data available on Argaam.

In December, MEAHCO had said it will sell 27.6 million shares, or 30 percent of its capital after obtaining the market watchdog’s approval.

Founded by Batterjee family, MEAHCO has four wholly-owned hospitals branded Saudi German Hospitals in Jeddah, Riyadh, Madinah and Khamis Mushait. It also owns a 32.3 percent of Hail National Health Services Co., and is establishing a new hospital in Hail.