Markaz appointed by DHAMAN to manage auction of strategic investor shares


Kuwait Financial Centre “Markaz” has been appointed by the Health Assurance Hospitals Company (DHAMAN) to manage the auction of strategic investor shares in the Company, which will become one of the key healthcare providers for expatriates in Kuwait. The collaboration will also further solidify Markaz’s track-record as one of the leading investment banking institutions in the Middle East and North Africa region.

As the financial advisor, Markaz will manage the public auction process for the sale of 26 percent stake in DHAMAN. The sale will help DHAMAN to unleash its full potential and achieve many shining milestones on its journey.

Commenting on the announcement, Mr. Ali H. Khalil, CEO of Markaz, said: “We are pleased that the Health Assurance Hospitals Company (DHAMAN) has chosen Markaz as the financial advisor in the sale of its strategic investor shares. This appointment is a strong testimony to the stellar track record and the vast experience of Markaz’s Investment Banking services across various sectors. By employing the best of our technical execution capabilities and in-depth industry knowledge, we will help bring on board a strategic investor who will add value to Dhaman and play a decisive role in accelerating its growth, while also contributing meaningfully to the development of the healthcare sector. Through this collaboration, we aim to forge a strong relationship with DHAMAN, which will establish itself as a leading provider of healthcare solutions in Kuwait.”

On his part, Dr. Mohammad Al-Qenai, Acting CEO of DHAMAN, commented: “DHAMAN is offering the strategic partner’s stake to the bidding through cooperation with ‘Markaz’ as a consulting partner for the auction management due to their distinguished expertise in this field. This offering of the 26% of shares in the Company comes in conjunction with the near completion of the Company’s first operational phase, as it is planned to receive hospital buildings in Jahra and Ahmadi governorates from the contractor at the beginning of the year 2022. DHAMAN is conducting an extensive recruitment campaign to attract qualified and experienced staff in related fields in parallel with the completion of the operation of 5 primary healthcare centers and the start of receiving beneficiaries of the new mandatory medical insurance service expected in the second half of 2022. This represents an achievement of the goals of establishing DHAMAN as included in Kuwait's National Development Plan (New Kuwait 2035) which is an important step in upgrading the healthcare sector in Kuwait.

Additionally, Mr. Abdulaziz Alardi, from Meshari Al-Osaimi Law Firm, the Legal Adviser appointed by DHAMAN for the sale of the strategic investor’s shares in the Company, commented: “We were able to obtain a Resolution from the Capital Markets Authority (CMA) regarding proceeding with the sale of the shares of the strategic investor after the current investor failed to pay the consideration for the shares, in accordance with Article 155 of the Companies Law, which considers the sale as a peremptory rule, and therefore excluded from the rules of sale specified in the civil and commercial Pleadings Law and CMA regulations”.

It is worth mentioning that Markaz offers its clients a world-class variety of investment banking solutions across advisory related to mergers and acquisitions (M&A), equity and debt issuance, listing and credit rating advisory and capital restructuring. Since 1997, Markaz has successfully executed investment banking transactions of over USD 5.1 billion across the region.