Amanat Holdings, a leading integrated healthcare and education company, has announced the acquisition of a 13.18 per cent stake in International Medical Company (IMC), a Saudi closed joint stock company, for SR363.85 million ($97.01 million).

IMC is a 300-bed multi-disciplinary hospital that serves Saudi Arabia’s Western Region and features specialty centres providing a wide range of comprehensive treatment options for different health problems. These services are delivered by more than 150 US, Canadian and European certified physicians in more than 30 specialties including Orthopedics, Cardiology, Oncology, Women's Health and Children's Health. The hospital is equipped with state-of-the-art facilities that enable it to rank among the best healthcare providers in the region.

IMC is accredited by Joint Commission International (JCI), a US-based organisation that works to improve patient safety and the quality of global healthcare.

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. Under the leadership of founding CEO Dr. Walid Fitaihi, IMC has emerged as a true market-leader and we have confidence in its future prospects. 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, chief executive officer of Amanat, added: “Amanat believes that Saudi Arabia’s socio-demographic outlook, as well as regulatory changes expected to expand the role of private hospitals, will continue to create opportunities for market-leading providers like IMC. Over the last decade the shareholders and management of IMC have built a world-class hospital in Jeddah that sets the benchmark for quality. 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. ”  - TradeArabia News Service