Luz Saúde, which operates a network of healthcare units, has announced its intention to apply for admission to Euronext Lisbon and plans to carry out a capital increase of 100 million euros, according to a statement from its shareholder, Fidelidade.
This intention, “following a decision by its majority shareholder Fidelidade”, involves “requesting the admission to trading of the shares representing its share capital on the Euronext Lisbon stock exchange, within the framework of a planned public offer for sale”.
According to the group, if it goes ahead, “this operation will create better conditions for the company’s continued expansion and growth in the health sector”.
In addition, “in parallel with the planned public offering, Luz Saúde plans to carry out a capital increase of approximately 100 million euros, through the issue of new shares aimed at institutional investors, both national and international,” it said, an operation to “support Luz Saúde’s long-term growth, thus maintaining a more robust capital structure.”
After this offer, “Fidelidade intends to maintain the majority of the share capital of Luz Saúde”, the same note reads.
In the statement, the company said that it expects “the public offering of shares to be carried out through private placement, both in Portugal and abroad, including in the United States, aimed at certain qualified institutional investors (QIB)”, and that the “admission of the shares to trading on Euronext Lisbon will be subject to the approval of a prospectus by the Portuguese Securities Market Commission (CMVM)”.
The group also assured that it has achieved “strong historical growth” and “a significant improvement in its profitability”, highlighting that “in 2022 and 2023 it achieved double-digit revenue growth (10% and 12%, respectively)”, due to the “sustained growth in the level of activity in all units”, as well as the “continuation of cost efficiency measures and operational leverage”.
“This potential transaction is a key element in the strategy of the Fidelidade group and Luz Saúde,” said Rogério Campos Henriques, CEO of Fidelidade, quoted in the same press release.
For the manager, this operation represents “another step in Fidelidade’s capital optimization plan, which will now have even more robust solvency indicators”, allowing it to “continue to benefit from the effects of diversification, through a majority stake in Luz Saúde”.
“As the majority shareholder, Fidelidade remains firmly committed to the continued success of Luz Saúde,” he said.
Luz Saúde operates 29 units, including hospitals, outpatient clinics and a senior residence, according to figures released by the group, which guarantees that the company “reaches 75% of the Portuguese population”.
It has “a team of 4,876 doctors, 2,587 nurses, 1,308 technicians and 1,126 beds”, and last year “its 14 hospitals treated more than 1.1 million patients and generated 92.6% of the company’s revenue”.
According to the statement, “the 14 outpatient clinics served around 246,000 outpatients and contributed 6.1% to annual revenues. The network also includes a senior residence, responsible for 0.9% of revenues,” it said.
