June 11 (Reuters) - South Africa’s biggest private hospital group by value Mediclinic International Ltd is selling up to 41.3 million shares to raise money for acquisitions in Switzerland, it said on Monday.
Mediclinic did not say how much it was selling the shares for, but said it would use the money fund the acquisitions of an acute care hospital and a number of outpatient facilities in Switzerland.
Mediclinic, which already operates Switzerland’s largest private hospital network, Hirslanden AG, said the deals form part of its strategy to bulk up in attractive markets with strong fundamentals.
The company said the it has also identified a number of acquisition targets in the United Arab Emirates, where it is also trying to build a bigger presence, and in West and East Africa.
The shares targeted for sale represent about 5 percent of Mediclinic’s issued stock.
Rand Merchant Bank, a unit of FirstRand, and Morgan Stanley are acting as joint bookrunners for the sale. (Reporting by Tiisetso Motsoeneng; Editing by Stella Mapenzauswa)