Directors of an Al Noor Hospitals founding shareholder resigned from its board on Thursday, severing ties with the group.
Faisal Belhoul and Khaldoun Haj Hasan, who were appointed by Astro II, resigned with immediate effect as is the standard procedure for board members who are no longer shareholders.
Astro II is a subsidiary of the private equity firm Ithmar Capital that sold its remaining 20 per cent stake in the hospitals operator. The deal is expected to bring it £216 million (Dh1.18 billion).
Mr Belhoul is the founder of Ithmar and the chairman of Amanat Holdings, a greenfield IPO aimed at education and healthcare markets. Mr Hasan is a co-founder and managing partner at Ithmar besides being the chief executive of Amanat Holdings.
“Ithmar have been excellent partners over the years, providing considerable support and advice,” said Sami Alom, the chief strategy officer at Al Noor Hospitals, in an interview last week. “The very nature of the private equity business model means that such organisations are not long-term investors.”
Shares of Noor Hospitals fell 2.41 per cent on the London Stock Exchange during the day and were trading at 871 pence. That is down from 991 pence a year ago.
Astro II was among the founding shareholders of Al Noor, helping to float its IPO in 2013.
In September, it sold a 7.3 per cent stake in Al Noor that was expected to net £87.5m for Ithmar. A few months later, it launched Amanat on the Dubai Financial Market, raising Dh1.3bn.
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ESSENTIALS
The flights
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes.
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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Director: Goran Hugo Olsson
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Armies of Sand
By Kenneth Pollack (Oxford University Press)
The specs
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Torque: 250Nm
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On sale: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The five pillars of Islam
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Famous left-handers
- Marie Curie
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
Company%20Profile
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Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans