February 16, 2009 / 2:06 PM / 10 years ago

S.Africa's Netcare mulls listing UK unit in London

JOHANNESBURG, Feb 16 (Reuters) - South African healthcare company Netcare Ltd (NTCJ.J) is considering a possible London listing of its UK-based General Healthcare Group (GHG) unit, but not until at least the fourth quarter, the company said.

Netcare, which runs hospitals in South Africa and Britain, said in its latest annual report that an initial public offering (IPO) was one possibility being investigated for the unit.

But it would not go ahead with an offering until at least the fourth quarter of 2009, given market conditions.

A Netcare spokeswoman declined to give further details.

Netcare bought a 50.1 percent stake in GHG, one of Britain’s leading providers of private acute healthcare, in May 2006. The original shareholder agreement provided for giving shareholders the chance to exit GHG after three years.

GHG contributed about half of Netcare’s revenue in the financial year to end September.

Apax Partners World Wide, London and Regional Properties, Brockton Capital and GHG management also owns stakes in GHG. (Reporting by Tiisetso Motsoeneng; Editing by David Holmes)

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