December 11, 2023

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DFM-listed Amanat takes majority stake in Saudi post-acute care supplier Sukoon Worldwide

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The non-cash deal noticed sure Sukoon shareholders receiving round 15 per cent of Amanat’s shares in CMRC in return for Amanat receiving extra shares in Sukoon. Following completion of those, Amanat will personal about 85 per cent within the post-merger entity.

“The merged entity strengthens our newly introduced platform, Amanat Healthcare, consolidating its place as a market-leading supplier of specialised healthcare within the GCC,” mentioned Hamad Alshamsi, the Amanat Chairman. “And enhances the vary of strategic worth creation choices for the platform, together with a possible IPO within the near-term.”

The merged entity has w400 operational beds and an extra 300-bed growth underway, within the UAE and Saudi Arabia. Will probably be a core part of Amanat’s new standalone healthcare platform.

“Amanat acquired a minority stake in Sukoon in 2015, and we subsequently labored efficiently with our colleagues and companions to remodel it into one of many main post-acute care and rehabilitation suppliers in Saudi Arabia,” mentioned John Eire, Amanat CEO. “With the growth of our present facility underway, we’re assured we are going to proceed to develop profitability and margins at Sukoon within the close to time period.”

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