Bupa Arabia for Cooperative Insurance Co. said the arrangements to raise Bupa Investment Overseas Ltd’s stake in Bupa Arabia from 26.25 percent to 34.25 percent were completed on Wednesday.
Bupa Investment has raised its holding by acquiring the stake held by Asas Healthcare Co., a subsidiary of Nazer Group, at the previously agreed upon price of SAR 143 per share, totaling SAR 915.2 million.
Nazer Group will continue to remain as a long-term shareholder in Bupa Arabia, the insurer said in a statement on Tadawul.
Loay Nazer will continue as chairman of the Bupa Arabia board, while Tal Nazer will remain CEO, the statement added.
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