Brief: Aster To Separate Its India And GCC Businesses To Unlock Value

Aster DM Quality Care

28/11/2023 15:05

Nov 28 (Reuters) - Aster DM Healthcare Ltd  ATRD.NS :
    * UNDER SEPARATION PLAN, CONSORTIUM LED BY FAJR CAPITAL
ENTERED
INTO DEFINITIVE AGREEMENT TO ACQUIRE  65% STAKE IN OWNERSHIP OF
GCC BUSINESS, ASTER DM HEALTHCARE FZC
    * ASTER TO SEPARATE ITS INDIA AND GCC BUSINESSES TO UNLOCK
VALUE
    * ANNOUNCES AGREEMENT FOR FAJR CAPITAL-LED CONSORTIUM TO
INVEST IN
ASTER GCC
    * MOOPEN FAMILY WILL CONTINUE TO MANAGE AND OPERATE GCC
BUSINESS
RETAINING A 35% STAKE
    * EXISTING SHAREHOLDERS TO REMAIN WITH LISTED INDIAN ENTITY,
ASTER
DM HEALTHCARE
    * UPON DEAL COMPLETION, CO TO DECLARE DIVIDENDS TO
SHAREHOLDERS OF
ASTER DM HEALTHCARE LTD FROM PROCEEDS
    * MOOPEN FAMILY WILL CONTINUE TO MANAGE AND OPERATE GCC
BUSINESS
RETAINING 35% STAKE, ON AND FROM CLOSING
    * AZAD MOOPEN WILL CONTINUE IN HIS ROLE AS FOUNDER &
CHAIRMAN AND
WILL OVERSEE BOTH INDIA AND GCC BUSINESSES
    * NITISH SHETTY WILL CONTINUE AS CEO OF ASTER BUSINESS IN
INDIA
    * ALISHA MOOPEN WILL BE PROMOTED TO POSITION OF MANAGING
DIRECTOR
AND GROUP CEO OF GCC BUSINESS
    * TRANSACTION VALUES GCC BUSINESS AT AN ENTERPRISE VALUE OF
US$
1.7 BILLION
    * TRANSACTION VALUES GCC BUSINESS AT ENTERPRISE VALUE OF $
1.7
BILLION AND AN EQUITY VALUE OF $ 1.0 BILLION

Source text for Eikon:  ID:nNSE8gJW7J 
Further company coverage:  ATRD.NS 

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