Mediclinic keen on building relations with local stakeholders
International medical group Mediclinic is set to raise the market capitalisation of the Namibian Stock Exchange following a dual listing this week, while its primary listing is on the Johannesburg Stock Exchange. Explaining the rationale behind its dual listing on the Namibian Stock Exchange in a statement, Mediclinic said, “Mediclinic believes that the NSX listing will enhance the ability of Namibian investors to invest in Mediclinic shares thereby broadening the company’s shareholder base and also assist in building relationships with its Namibian stakeholders.”
Upon releasing its interim results for the six months ended 30 September 2014, Mediclinic International managed to raise approximately N$3.1 billion in capital. The dual listing comes at the time when the group is expanding its operations in the country following the successful completion of an upgrade of its Otjiwarongo facility while the expansion of its Windhoek facility is expected to be completed by the close of its financial year in 2016. With a view to strengthen its southern African operations, Mediclinic invested approximately N$593 million. Of the total, N$364 million was geared towards capital projects and new equipment, N$89 million towards the acquisition of new equipment and N$158 million for the repair and maintenance of hospital equipment. A new operational model and organisational structure is expected to be implemented by February 2015. Mediclinic is set to continue with its 5 year growth strategy and will pay keen attention to regulatory developments in the South African health care industry. A completion of the first phase of its SAP project roll-out is in the works with the preparation for a business case for the second phase of its SAP roll-out. Half year revenue for its southern African operations is expected to close at just over N$6 billion, representing a 10% change for the comparative period in 2014 of N$5.5 billion according to an investor guide prepared by Mediclinic. Mediclinic reported gross earnings amounting to N$1.3 billion for the interim period. The group currently operates three hospitals in the country situated in Windhoek, Otjiwarongo and Swakopmund.