Al Habib Group appoints SFC as financial adviser

07/11/2013 07:56 AST

The Dr. Suleiman Al Habib Group has announced the appointment of Saudi Fransi Capital (SFC) as its financial adviser, lead manager, book runner and underwriter of its initial public offering (IPO).

"The IPO is a key milestone and an important step in the group's expansion. The group achieved high growth rates during the past few years along with a significant market share," Dr. Suleiman bin Abdul Aziz Al-Habib, group chairman, said.

He added that the IPO is an important part of the group strategy that aims to expand the shareholder base and public participation in the company's investments and earnings.

"We are confident that the SFC is the right partner as they have the experience as one of the leading financial advisers in the market," he said.

He added: "We look forward to being one of the leading financial advisers in the market. We look forward to realizing the objectives of the agreement for our mutual benefits and for the Saudi market as a whole."

Abdulaziz Al-Rashed, SGC board chairman, said: "We take great pride in the professional quality of our business as well as our selection as the group adviser, lead manager , book runner and underwriter. SFC has faith in the group's promising future and expected growth."

The group is considered one of the largest health care service providers in the Kingdom for general and specialized health care.

It owns 14 medical facilities in Saudi Arabia, Bahrain and the UAE. New projects include a hospital in the western part of the Saudi capital, an integrated hospital in Dubai and a large medical facility in east Riyadh.

Arab News