S.Africa's Mediclinic raises $300 mln for Swiss acquisitions - CNBC Africa

S.Africa's Mediclinic raises $300 mln for Swiss acquisitions

Southern Africa

by Reuters 0

Mediclinic International is South Africa's biggest private hospital group. PHOTO: Getty Images

[DATA MDC:Mediclinic], which already runs Switzerland's largest private hospital network, Hirslanden AG, sold 41 million shares, or about five per cent of its issued stock, at 77.50 rand each, a 6.2 per cent discount from Wednesday's closing price. 

It will use the money to buy an acute care hospital and a number of outpatient facilities in Switzerland. 

(READ MORE: Mediclinic’s revenue boosted by its international divisions)

Mediclinic said it had also identified a number of acquisition targets in the United Arab Emirates, where it is trying to build a bigger presence, and in West and East Africa.

Shares in the company were down about one per cent at 81.87 rand by 0907 GMT, largely in line with its nearest rival Life Healthcare.  

Rand Merchant Bank, a unit of FirstRand, and Morgan Stanley are acting as joint bookrunners for the sale.