Amanat Holdings, a leading healthcare and education investment company, on Monday announced the merger of Sukoon International Holding Company (Sukoon) with Cambridge Medical and Rehabilitation Center (CMRC).
The merger entity is billed as the largest pan-GCC post-acute care platform.
The merger is done via a non-cash share swap, whereby the Sukoon shareholders will receive 15 percent of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon.
The company said it has obtained the GAC approval for the merger plan but is awaiting other regulatory approvals.
Hamad Alshamsi, chairman, Amanat, said: “In the acquisition of CMRC, we set out an ambitious strategy to expand to 1,000 pan-regional beds within 3 years and with today’s announcement we are delivering on this ambition.”
Post-merger, the platform will operate 400 beds in the UAE and KSA across 4 cities – Abu Dhabi, Al-Ain, Dhahran, and Jeddah.
It also has a 300 bed expansion underway, primarily in Saudi Arabia.
“With the latest announcement Amanat is uniquely positioned to take advantage of the estimated 24,000 post-acute care bed gap across KSA and the UAE in the next four years,” Alshamsi said.
Dr. Mohamad Hamade, CEO of Amanat, said the merger of Sukoon with CMRC is part of the firm’s active portfolio management strategy to improve shareholder value.
“Furthermore, this sub-sector of healthcare relieves public healthcare systems by improving efficiency through unblocking intensive-care unit beds that are currently being used for long-term care services provided by general hospitals,” he said.
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