Doctors targets share offering for end-August

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

DOCTORS Hospital is targeting end-August 2023 for a share offering that will give more Bahamians an ownership interest in the healthcare provider just as it aims to “near double” pre-COVID’s $60m annual revenues.

Dennis Deveaux, the BISX-listed company’s chief financial officer, told Tribune Business it was committed to the offering although the size of the capital raise and mechanism that will be employed are still being determined.

Disclosing that RF Bank & Trust has been retained as financial advisers for the offering, he pledged that Doctors Hospital will “engage” both existing shareholders and potential new investors about the merits of a rights issue, private placement or some combination of both as it seeks to broaden the company’s existing 1,000-strong equity ownership base. The offering proceeds will ultimately finance Doctors Hospital’s

“fairly aggressive expansion agenda”, which includes its new 50,000 square foot-plus Freeport hospital plus clinics and outpatient facilities in Grand Bahama, the Family Islands and New Providence.

Mr Deveaux, confirming that Doctors Hospital will open one facility on the “Village Road corridor” this year, along with another New Providence location he has yet to disclose, told this newspaper that