| Thu 29 Jul 2010, 17:00 | | MDC - Medi-Clinic - Acquisition of interest in Klinik Stephanshorn |
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MDC
MDC
MDC - Medi-Clinic - Acquisition of interest in Klinik Stephanshorn
Medi-Clinic Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1983/010725/06)
ISIN: ZAE000074142
Share Code: MDC
("Medi-Clinic")
ACQUISITION OF INTEREST IN KLINIK STEPHANSHORN
Medi-Clinic is pleased to announce the acquisition by its Swiss business,
Hirslanden, of a 66,67% interest in Klinik Stephanshorn from the Blumenau-
Leonie-Hartman Foundation ("the transaction"). The parties to the
transaction have agreed not to disclose the purchase consideration, which
will be funded from internal sources. An offer will also be made to the
other minority shareholders of Klinik Stephanshorn.
Klinik Stephanshorn, an 85-bed multi-disciplinary hospital, is the largest
private hospital in the canton of St Gallen and the only in the city of St
Gallen. It has always been earmarked for incorporation in the Hirslanden
group because of its strategic value. Together with Hirslanden`s existing 62-
bed hospital, Klinik Am Rosenberg, situated in the nearby Heiden, Appenzell
Ausserrhoden, it significantly strengthens Hirslanden`s strategic position
in Eastern Switzerland. The two hospitals complement each other and will
create synergies for current and future development of acute hospital care
in Eastern Switzerland.
The transaction is expected to close on or about 1 October 2010. After the
transaction, the Hirslanden group will consist of 14 hospitals with 1 457
beds in 10 cantons. The market offers many growth opportunities and to
capitalise on the full growth potential of the transaction, further capital
expenditure is planned. This is expected to take place by 2015 and will
further enhance investment returns.
Stellenbosch
29 July 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/07/2010 17:00:02 Produced by the JSE SENS Department.
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