Finance

Shifa Hospitals to sale 12 pc shares to IFC

Islamabad, April 4, 2019: Shifa International Hospitals on Thursday announced to sell 12 percent stake to International Finance Corporation (IFC), subject to regulatory approvals.

According to Shifa Hospital’s material information sent to Pakistan Stock Exchange (PSX) the Board of Directors of Shifa International Hospitals in their meeting held on April 04, 2019 has recommended that 7,436,986 ordinary shares of Rs. 10/- each to be issued to IFC otherwise than right shares under section 83(1)(b) of the Companies Act, 2017.

However, the approval/deal is subject to regulatory compliances and approvals,

As per decision some 12 percent of the ordinary shares on fully diluted basis, being the percentage immediately following investment, at a Price determined at the closing market price per share on the day immediately before the date of announcement of IFC investment proposal by the Company to its shareholders by way of notice of Extraordinary General Meeting.

This price will be subject to price Adjustment Option which the Company may exercise during the option period under the agreement with IFC.

The Directors have further decided that Extraordinary General Meeting of the Company be called on April 29, 2019 to seek approval of the shareholders by passing a Special Resolution as required under the Companies Act, 2017.

As per BoD decision, an Extraordinary General Meeting of the shareholders of the Company will be held on Monday, April 29, 2019 for approval from shareholders.

The share transfer books of the Company will remain closed from April 20, 2019 to April 29, 2019.

The Hospital was incorporated on September 20, 1987 as a Private Limited Company and converted into Public Limited Company on October 12, 1989. The first Shifa office was established at the residence of Dr. Zaheer Ahmad in sector F-8/3 of Islamabad. Later it was moved to a rental place in Blue Area (commercial buildings area in Islamabad), and finally the site office building was established in January 1988.

The construction activity to prepare the site for laying the foundation of the Hospital was started in the beginning of 1988. The foundation ceremony took place on October 06, 1989 by the parents and well-wishers of the sponsors and their dedicated team of colleagues and well- wishers.

The idea of developing a high class medical facility in Pakistan was conceived in New York, USA in the mid of 1985 and the initiator was Dr. Zaheer Ahmad and  later he moved to Islamabad on December 17, 1985 to start the work on this project.

After acquiring over 11 acres of land in Islamabad in 1987, CRI, a hospital development company in Princeton, New Jersey was hired to develop the plan and design of the project. Mr. William Parker, Chief Architect of CRI headed the team, visited the site in Islamabad besides visiting the other hospitals across Pakistan. CRI finished its job in 1989.

Shifa International Hospital offers 398 IPD beds with quality care and OPD facility in different specializations. Nevertheless it is an unending journey. People at Shifa are continuously striving hard to bring improvement and novelty with every passing moment.

 

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