MINORITY SHAREHOLDERS
Netcare plans to restructure its UK business
Netcare planned to restructure its UK business after buying out minority shareholders, CEO Richard Friedland said on Monday after the private hospital network reported that it had written down the value of its operation in the UK by R5.6bn amid tough trading conditions. "We want to go through a very comprehensive and well thought out restructuring programme and we want to be in a position to re-establish the operating base," Friedland said. BMI Healthcare, Netcare’s majority-owned UK business, made an operating loss of £20.6m in the year to September, from a profit of £28.7m in 2016. He said this was largely due to "demand management initiatives" by private medical insurers and the cash-strapped National Health Service. Subject to conditions, Netcare would buy out minority shareholders in the UK within "a few weeks". The deal would have no immediate cash value but would give Netcare "the keys to the business. We want to be able to implement our own enterprise-wide IT systems that we...
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