Abu Dhabi-based hospital operator Burjeel Holdings is seeking local investors for its planned initial public offering, two sources said, scrapping plans to seek foreign investors after Abu Dhabi’s International Holding Company (IHC) took a 15% stake this week.
Egypt-listed EFG-Hermes and JPMorgan are no longer involved in the deal, said the sources, declining to be named as the matter is not public.
The transaction was expected to be authorised for marketing to U.S. investors, but the company will instead focus on its domestic market.
Burjeel, which has a network of 39 hospitals and clinics across the Middle East and India, declined to comment when contacted by Reuters on Thursday. JPMorgan also declined to comment, while EFG-Hermes did not immediately respond to requests for comment.
IHC said on Monday in a regulatory disclosure that its acquisition of a stake in Burjeel would help diversify its healthcare investments both locally and regionally.
The company had previously planned to go public with a listing in London, but in 2019 was forced to reconsider because of uncertainty surrounding Britain’s departure from the European Union.