Waha Capital agrees to sell its stake in UAE diagnostics business

22/05/2017 16:01 AST

Anglo Arabian Healthcare (AAH), Waha Capital's healthcare portfolio company, has signed definitive documentation to sell its 93 per cent stake in Proficiency Healthcare Diagnostics (PHD) to Al Borg Medical Laboratories Abu Dhabi.

Waha Capital, a leading Abu Dhabi-based investment company, through its UAE healthcare subsidiary, Anglo Arabian Healthcare (AAH), has signed definitive documentation to sell its full equity stake in Proficiency Healthcare Diagnostics (PHD) to Al Borg Medical Laboratories, the GCC's largest chain of private laboratories. The transaction is expected to be completed within three months, once certain customary conditions are satisfied, including the obtaining of regulatory and third party approvals.

Waha Capital will inform the market once the transaction closes. AAH acquired a 70 per cent stake in PHD in April 2013 and has since increased its stake in the business to 93 per cent. During the holding period, PHD solidified its position as a leading independent diagnostic services provider in the UAE. Anglo Arabian Healthcare, which is a seed asset in Waha Capital's private equity business, operates multiple healthcare platforms with 35 healthcare assets across Abu Dhabi, Dubai, Sharjah, Ajman and Ras Al Khaimah.


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