JOHANNESBURG, June 12 South Africa's biggest
private hospital group Mediclinic International raised
$300 million by issuing new shares to fund acquisitions in
Switzerland, it said on Thursday.
Mediclinic, which already runs Switzerland's largest private
hospital network, Hirslanden AG, sold 41 million shares, or
about 5 percent of its issued stock, at 77.50 rand each, a 6.2
percent 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.
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 1 percent at 81.87
rand by 0907 GMT, largely in line with its nearest rival Life
Rand Merchant Bank, a unit of FirstRand, and Morgan
Stanley are acting as joint bookrunners for the sale.
($1 = 10.7345 South African Rand)
(Reporting by Tiisetso Motsoeneng; Editing by Stella