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Dubai-based Aster DM Healthcare has issued a clarification on media reports that came out on Friday that the group is looking to sell a majority stake in its Gulf-based business, but implied that the company is considering a reorganisation.
Media reports on Friday said, citing sources, that private equity firm Fajr Capital and Dubai financial services firm Gulf Islamic Investments have been short-listed as buyers for a stake sale of more than 50% in Aster's Gulf business.
"While we don’t comment on market speculation related to names of companies, financial value, timelines etc., we would like to clarify that any information circulating around this subject does not accurately capture the terms or nature of the proposed reorganisation. The company will make disclosures to the stock exchanges when required under applicable laws,” Aster said in a statement on Friday.
The statement added that all relevant information related to the "group re-organisation and investors refresh for the GCC business" has been reported to the stock exchange in accordance with applicable law.
Aster Chairman Azad Moopen told Zawya in a video interview last year that its board had approved a restructuring of the company and that investment bankers were looking at various options, including a potential listing of the Gulf business in Dubai or Abu Dhabi.
Aster, which is listed in Mumbai, operates hospitals, clinics and pharmacies across the GCC and India.
(Reporting by Brinda Darasha; editing by Seban Scaria)
