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Abu Dhabi’s Waha Capital to sell UAE diagnostics firm to Al Borg Medical Labs

Abu Dhabi’s Waha Capital to sell UAE diagnostics firm to Al Borg Medical Labs

The transaction is expected to close in three months

Abu Dhabi investment company Waha Capital has announced an agreement to sell its 93 per cent stake in UAE diagnostics provider Proficiency Healthcare Diagnostics (PHD) to GCC-based Al Borg Medical Laboratories.

In a bourse filing, the firm said the transaction was expected to close in three months pending regulatory and third party approvals and other conditions.

Waha acquired a 70 per cent stake in PHD in April 2013 through its Anglo American healthcare subsidiary. It later increased the stake to 93 per cent.

Angle American has 35 healthcare assets across the UAE.

Waha Capital confirmed plans in March to invest in Saudi Arabia after securing a $500m credit facility in August 2016.

Read: Abu Dhabi’s Waha Capital seeks investments in Saudi Arabia

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