Thursday 28 May 2020

Amanat's unit to acquire three Saudi healthcare centres

JEDDAH (Saudi Arabia), July 3, 2019

Amanat Holdings, one of the largest healthcare and education investment firms in the GCC, has announced that its portfolio company, International Medical Center (IMC), is all set to acquire three medical facilities in North Jeddah, Saudi Arabia.

Completion is pending regulatory and legal approvals of the Ministry of Health in Saudi Arabia, said the statement from Amanat Holdings.

This new acquisition brings a full suite of complementary medical capabilities in North Jeddah, including a modern primary care center with over 100 highly qualified doctors across multiple specialties; a hitech radiology center offering a comprehensive range of medical imaging services such as MRI and CT scan machines; and a unique stand-alone day-case surgery units (Tadawi), with four specialised surgery rooms.

A leading tertiary care hospital, with an existing 300 bed capacity, located in Jeddah, IMC pointed out that the acquisition was in line with its strategic plan to acquire and develop quality healthcare assets across Jeddah and the wider Western region of Saudi Arabia.

IMC intends to enhance and upgrade the level of services provided by the acquired healthcare facilities and deploy a hub-and-spoke model to successfully deliver this growth strategy.

Commenting on acquisition, Amanat CEO Tristan de Boysson said: "This acquisition marks a significant step forward for IMC in its growth ambitions, and we are excited about the potential for IMC to continue to expand through further strategic acquisitions."

"The transaction is a great example of how we partner actively with our portfolio companies to help them unlock their full potential. We have worked closely with IMC to help it complete its first acquisition and we look forward to supporting its continued success as it develops a market-leading specialist care offering," noted Boysson.

Amanat, which holds a 13.18% stake in IMC within its healthcare investments, said its investment team had played a central role in this latest corporate development for IMC, bringing its deep experience in healthcare and acquisitions to support the successful completion of the transaction.

This partnership illustrates how Amanat’s collaborative approach to its portfolio companies helps them achieve their potential, creating significant value for Amanat shareholders, it added.

Medical Director Dr Ashraf Amir said: "We have a clear vision for IMC’s development that we are focusing on realizing, by delivering international healthcare standards in the Western region of Saudi Arabia."

"At IMC we consider this deal as a first step in our growth strategy, through which we will explore further opportunities to acquire clinics with successful business models, alongside continuing to attract the best qualified and well recognized physicians and medical professionals," he added.-TradeArabia News Service


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