Saudi Arabia’s Sulaiman Al-Habib Medical Group (HMG) has invited banks to pitch for advisory work for a minority stake sale, Reuters reported Wednesday, citing three unnamed banking sources.

 

Sources added that HMG is expecting to raise between $750 million to $1 billion from the sale.

 

During the holy month of Ramadan, the medical group sent requests for proposals to banks to pitch for the mandate, sources highlighted.

 

HMG is one of the largest private healthcare providers in the Gulf Arab region that operates hospitals and clinics across Saudi Arabia, the United Arab Emirates and Bahrain.

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