EFG Hermes Completes Advisory on USD 764 Million IPO of Fakeeh Care Group on the Saudi Exchange
تاريخ النشر: 5th, June 2024 GMT
EFG Hermes، an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA)، announced today that its investment banking division successfully completed its advisory on the USD 764 million initial public offering (IPO) of Fakeeh Care Group (FCG) (The Group)، one of Saudi Arabia’s premier integrated providers of high-quality healthcare، on the Saudi Exchange.
Fakeeh Care Group offered a total of 21.47% of its total issued share capital through the sale of 30،000،000 new ordinary shares (representing 12.93%) and 19،800،000 current ordinary shares (representing 8.53%) at SAR 57.5 per share، implying a market capitalization of SAR 13.3 billion (USD 3.6 billion).
The IPO captured the attention of local، regional، and international investors، with the total book covered approximately 119 times. The company began trading today under the ticker [FCG].
Karim Meleka، Co-Head of Investment Banking at EFG Hermes، commented، “We are delighted and proud of our role in the successful IPO of Fakeeh Care Group. This transaction adds onto our successful track record of supporting healthcare advancements in the Kingdom of Saudi Arabia (KSA)، following our involvement in Habib Medical Group، Al Meswak، and now Fakeeh Care Group”. He added: “In facilitating the IPO of Fakeeh Care Group، EFG Hermes has once again demonstrated its unwavering commitment to fostering transformative investment opportunities within the MENA region. The resounding success of Fakeeh Care Group's IPO underscores the resonance of its value proposition among both regional and international investors، along with the robust appetite for investment opportunities within Saudi Arabia's burgeoning healthcare sector. This transaction represents yet another milestone in our continued commitment to driving strategic investment initiatives that redefine the contours of the regional investment landscape.”
Fakeeh Care Group is one of Saudi Arabia’s premier integrated providers of high-quality healthcare، trusted by millions of families for more than four decades. FCG offers 835 beds across four hospitals – Dr. Soliman Fakeeh Hospital (“DSFH”) Jeddah، DSFH Riyadh، NEOM Hospital through an operating model and the soon to be completed DSFH Madinah – with around 900 doctors. The Group boasts five medical centers (including NEOM Advanced Medical Center through an operating model) with around 220 doctors، complemented by a range of integrated healthcare services to meet everyday health needs. Its operational excellence is driven by its highly integrated hub-and-spoke healthcare model، a structure that maximizes efficiency while being adaptable.
This transaction is the latest in a series of landmark deals the Firm has advised on in the GCC region over the years، including eight IPOs in 2023 alone. Most recently، it acted as the joint bookrunner on Spinney’s IPO on the Dubai Financial Market (DFM)، as well as Parkin’s IPO on the DFM – the most oversubscribed IPO on the DFM to date. The Firm also advised on the IPO of Dubai Taxi Company on the DFM and OQ Gas Networks on the Muscat Stock Exchange (MSX)، the largest Omani IPO in over two decades. It also advised on the IPO of ADES Holding Company on the Saudi Exchange، as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc on the Abu Dhabi Securities Exchange (ADX); IPO of Lumi Rental Company on the Saudi Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on the Dubai Financial Market (DFM).
المصدر: بوابة الفجر
كلمات دلالية: Saudi Arabia
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In a notable development following a series of mixed political and military signals, the Saudi capital, Riyadh, hosted a meeting that brought together the presidency of Yemen’s Consultation and Reconciliation Commission, and the leaders of political factions and parties affiliated with it, along with the Saudi Ambassador to Yemen, Mohammed Al Jaber.
“As part of the Kingdom’s continued support for comprehensive peace efforts, national reconciliation, and the stabilization of Yemen, I met today with the leadership of the Yemeni Consultation and Reconciliation Commission, as well as the heads of political factions and parties in the commission. I stressed the importance of supporting all efforts toward security, peace, stability, and development in Yemen.”
Yemeni political figure and Commission member Abdelmalik Al-Mekhlafi echoed this sentiment, tweeting:
“Today’s meeting in Riyadh between the leadership of the Consultation and Reconciliation Commission and political party leaders with Ambassador Mohammed bin Saeed Al Jaber once again demonstrates the Kingdom’s and its leadership’s commitment to achieving reconciliation in Yemen, along with peace, stability, and development. It also reflects the strategic brotherly partnership between the Kingdom and Yemen toward achieving these noble goals.”
These statements come at a charged regional moment, with reports circulating of possible preparations for a ground operation in Yemen, while indirect talks continue between Tehran and Washington. Notably, the recent visit by Saudi Defense Minister Khalid bin Salman to Tehran, during which he met with Iran’s Supreme Leader, was anything but routine.
Within this broader regional and international context, Saudi Arabia has made two significant diplomatic moves related to the Yemen file. The first occurred in Washington, D.C., this past February, where Prince Khalid met with his American counterpart and other senior U.S. officials. That meeting reportedly focused on security coordination and regional issues, including Yemen and the Houthis. The second, more recent meeting took place in Tehran in April.
It is worth noting that Ambassador Al Jaber was present at both meetings—an indication that the Yemen issue featured prominently in discussions, both in Washington and Tehran.
These developments raise important questions: Is the Kingdom working to unify the political positions of Yemeni factions ahead of a potential escalation? Or is it seeking to reaffirm its role as a peace sponsor before the Houthis and the international community, especially amid speculation about a ground operation—one which Riyadh has officially denied any involvement in?
A critical point to observe here is the duality of messaging emerging from Riyadh. While official diplomatic rhetoric, as reflected in the ambassador’s meetings and statements, emphasizes de-escalation and support for peace efforts, Saudi media continues to broadcast messages about imminent military resolution and preparations for a decisive battle.
This contrast may be the result of a deliberate distribution of roles or it might signal hesitation regarding the final course of action. Regardless, it keeps the overall situation shrouded in ambiguity—an ambiguity that warrants careful analysis.
Given these dynamics, the question remains: Are we witnessing the dawn of a new Saudi-backed peace phase in Yemen? Or is this a last attempt to clarify positions before the eruption of a new round of conflict?
انطلاق برنامج “أردننا جنة” بحلة جديدة ووجهات متنوعة