Health Saudi Arabia’s Fakeeh Care to offload 21% stake in IPO By Pramod Kumar April 25, 2024, 6:03 AM DSFHospital/X An MRI machine at Dr Soliman Fakeeh Hospital in Jeddah. The company reported a net profit of $62 million in 2023 Fakeeh Care Group, one of the largest private healthcare groups in Saudi Arabia, plans to offload 21.47 percent of its stake through existing and new shares in an initial public offering (IPO). The group, which owns four hospitals in the kingdom, intends to offer 30 million new shares and 19.8 million existing shares to investors on the kingdom’s main market (Tasi). The company said in a statement that the offering will be open to individual and institutional investors, including institutional investors outside the US. NewsletterGet the Best of AGBI delivered straight to your inbox every week “We have a clear strategy to reinforce our market leading position in Jeddah and expand our presence in key cities such as Riyadh, Makkah, Madinah and Neom,” Dr Mazen Soliman Fakeeh, president of Fakeeh Care Group, said. The company reported a net profit of SAR232 million ($62 million) in 2023, with revenues growing by a compound annual growth rate of 10.8 percent between 2020 and 2023 to reach SAR2.3 billion. EBITDA stood at SAR526 million, up 1.9 percent year on year. Saudi deal ‘unlikely to cure Iraq’s pharma problems’ Saudi awards first PPP project in healthcare sector Saudi’s Care buys Jeddah hospital for $52m The company’s four hospitals in Jeddah, Riyadh, Neom and Madinah have 835 beds and 900 doctors. In total, 1.5 million patients were treated in 2023, compared to 1.2 million in 2020. Miahona Company, a water and wastewater infrastructure operator that pioneered the public-private partnership model in the kingdom, has announced plans for an IPO that will put 30 percent of its shares on the market. Saudi Arabia’s Capital Market Authority said in February that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations and a 30 percent increase on last year.
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