NMC sells 40% stake to Centurion for $1bn

30/01/2011 00:00 AST

United Arab Emirates' private healthcare firm New Medical Centre (NMC) has sold a 40 per cent stake to Centurion Investment to expand in overseas markets as demand for medical care surges, its CEO said on Saturday.

NMC, a 36-year-old company with hospitals across the UAE and a pharmaceutical manufacturing facility in Abu Dhabi, has sold the stake for 4 billion dirhams ($1.08 billion). Centurion is a new UAE healthcare entity with plans to go into other businesses in the future.

"The deal has been signed. It will help us expand and grow further in the UAE and internationally," Bavaguthu Raghuram Shetty told Reuters.

"We see huge growth opportunities in healthcare across the Middle East and North Africa region and India where we plan to expand with sizeable investments" he said.

Abu Dhabi-based NMC has partnered India's Biocon Ltd to market a range of biopharmaceuticals in the Gulf region.

NMC plans to more than double the number of hospital beds in the UAE within two years from the current 450 beds, he said, adding that plans were also underway to expand in the biotechnology sector.

NMC group's other businesses include financial services, retail and trading.


Reuters

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