July 4, 2018 / 10:44 AM / 10 months ago

Saudi hospital operator seeks banks for stake sale -sources

DUBAI, July 4 (Reuters) - Saudi Arabia’s Sulaiman Al-Habib Medical Group (HMG), one of the largest private providers of healthcare in the Gulf Arab region, has invited banks to pitch for advisory work on a planned minority stake sale, three banking sources told Reuters.

HMG sent a request for proposals to banks during the Muslim fasting month of Ramadan to pitch for the mandate, the sources said, declining to be named because of the commercial sensitivity of the matter.

HMG is looking to raise between $750 million to $1 billion, one of the sources said, adding that banks are pitching for a role.

HMG did not respond to queries for comment when contacted by Reuters by email on Wednesday.

HMG operates hospitals and clinics across Saudi Arabia, the United Arab Emirates and Bahrain.

Reporting by Hadeel Al Sayegh; editing by Jason Neely

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