UAE's Amanat buys stake in Saudi hospital firm for $97m

Healthcare and education company says it has acquired 13% stake in International Medical Company

Amanat Holdings, the region’s largest integrated healthcare and education company, has announced the completion of the acquisition of a 13.18 percent stake in Saudi-based International Medical Company (IMC) for SR363.85 million ($97 million).

IMC is a 300-bed multi-disciplinary hospital that serves Saudi Arabia’s Western Region and features specialty centres delivered by more than 150 US, Canadian and European certified physicians, the company said in a statement.

It added that due to strong growth in demand for its services, IMC plans to expand its capacity both within its current facility and the Western Region over the next five years, with a particular emphasis on providing holistic personalised care applied to the highest international standards.

Faisal Bin Juma Belhoul, chairman of Amanat, said: “A key pillar of Amanat’s investment approach is to work alongside differentiated and leading providers such as IMC and alongside visionary entrepreneurs to create value.

"Amanat and IMC’s shareholders and management team share a common vision for the company which we look forward to realising together over the coming years.”

Khaldoun Haj Hasan, CEO of Amanat, added: “We view this investment as the first phase of a long-term strategic partnership, and we look forward to assisting IMC with both expertise and capital as it expands from a single hospital operator to multi-facility, multi-geography healthcare group.”

Amanat Holdings announced a net profit of AED23.8 million (about $6.5 million) for the first half of 2016, it said in August.

The UAE-based company made a profit of AED1.6 million for the same period in 2015. The huge increase followed improved yield rates on deposit and on the contribution of associates.

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