UK-based medical and health insurance provider Bupa Investment Overseas Limited has purchased the additional five percent stake in Bupa Arabia from medical insurer Nazer Group.
The transaction was concluded at the agreed price of 100 Saudi Riyal ($26.66) per share, totaling 400 million Saudi Riyal ($106.6 million).
The increase in Bupa’s stake will help to further develop the private health insurance market in the Kingdom of Saudi Arabia, which the government’s Saudi Vision 2030 Strategy called out as a key growth sector and important pillar.
The deal will raise the holding group's ownership in Bupa Arabia to 39.25 percent. Nazer Group will remain a shareholder in Bupa Arabia.