Aster Healthcare separates GCC, India businesses; GCC units valued at $1bn
Fajr Capital buys 65% stake in Aster GCC; Moopen family retains 35% stake and operational control
NT Bureau
DOHA: Aster DM Healthcare, a prominent healthcare provider in the Gulf, has announced the separation of GCC and India businesses into two separate and independent entities.
In a statement, Aster Healthcare said the two separated businesses will now work as two standalone entities, Dubai-based business magazine Gulf Business reports.
The statement added that a consortium led by Fajr Capital, a sovereign-backed private equity firm, has acquired a 65 per cent stake in Aster GCC, valuing the GCC business at approximately $1bn.
The Moopen family, founders of the brand, retains a 35 per cent stake, ensuring continued operational control, the report adds.
Dr Azad Moopen remains the founder chairman, with Alisha Moopen serving as the managing director and group CEO of Aster GCC.
Aster was founded in 1987 by Dr Azad Moopen, as a single clinic in Dubai, and today has 15 hospitals, 117 clinics, and 285 pharmacies across the region and three brands – Aster, Medcare and Access.
“We are pleased to have the opportunity to partner with Dr Azad, Alisha and the Moopen family, who share our values and vision for the business, and look forward to working with them and the leadership team to unlock Aster’s tremendous potential in the GCC,” Iqbal Khan, CEO of Fajr Capital, said.
With the new investment, Aster GCC said it plans an ambitious regional expansion. In the UAE, it will unveil Medcare Royal Hospital, a 126-bed super specialty hospital, while in Saudi Arabia, Aster Pharmacy aims to open 180 new retail stores within 3-5 years.
Dr Azad Moopen, founder chairman of Aster DM Healthcare said, “The separation has established a GCC business which has tremendous growth potential and will be focused on tapping the opportunities in the region. We are confident that their demonstrated expertise will empower our expansion plans within GCC’s dynamic healthcare landscape, especially Saudi Arabia.”
