Hichens Harrison completes USD 5.9m share placing for Mena

Hichens Harrison has revealed that its Middle-eastern investment vehicle, Mena Healthcare, is now valued at USD 7m, following a placing of 5.9m shares at USD 1.00 each.

The stockbroking services company said the investment vehicle is focused on the Middle East and North Africa region, saying it expected healthcare expenditure to rise sharply over the coming years.

The AIM-listed company said it expects a second round of fundraising of up to a further USD 5.9m at USD 1.00 a share, to conclude in Q3 2007.

Hichens Harrison  holds 31.5 per cent or about USD 2.2m shares in Mena Healthcare.

Hitchens Harrison announced on 10 August that it had completed the acquisition of a 70 per cent controlling stake in an established operating business in Dubai, called Med Serve.

The company screens immigrant workers and expatriate applicants for United Arab Emirates (UAE) residency visas for certain medical conditions. Terms of the transaction were undisclosed.