Abu Dhabi’s Centurion Said to Plan IPO of CosmeSurge Health Unit

Centurion Investment, an Abu Dhabi-based investment company, is planning an initial public offering of healthcare-provider CosmeSurge & Emirates Hospital Clinics, two people with knowledge of the matter said.

Centurion is seeking to list CSEH on the Dubai Financial Market (DFM) as soon as possible, the people said, asking not to be named as the information isn’t public. Dubai-based Emirates NBD PJSC is an adviser on the sale, according to the people.

Centurion acquired Abu Dhabi-based CSEH as part of its purchase of healthcare group CSH Investments last month for an undisclosed amount. Centurion plans to raise as much as $500 million with the sale, according to one of the people.

Middle Eastern healthcare companies, including Abu Dhabi’s Al Noor Hospitals Group Plc (ANH) and NMC Health Plc. (NMC), listed shares in London in the past two years, while Saudi Arabia’s National Medical Care Co (CARE) gained 119 percent since a March local listing.

CosmeSurge provides cosmetic and reconstructive surgery and has clinics in the United Arab Emirates, Kuwait and United States, according to its website. Emirates Hospital provides general medical services with four branches in Dubai and Abu Dhabi, its website shows

A spokesperson for CSEH didn’t immediately return calls for comment, while a call and emailed request to Emirates NBD also wasn’t immediately returned.

To contact the reporters on this story: Ruth David in London at rdavid9@bloomberg.net; Stefania Bianchi in Dubai at sbianchi10@bloomberg.net; Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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