Business

Ithmar directors resign from Al Noor Hospitals board

Faisal Belhoul and Khaldoun Haj Hasan, who were appointed by Astro II, resigned with immediate effect.

Sananda Sahoo

April 23, 2015

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.

ssahoo@thenational.ae

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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