Monday, December 19, 2022 – 9.52pm
ABU DHABI, 19th December, 2020 (WAM) — Amanat Holding Company, listed on the Dubai Financial Market, today announced the establishment of the largest platform to provide medical treatment and rehabilitation in the region, following the merger of Sukoon International Holding Company with Cambridge Medical and Rehabilitation Centre.
The transaction was through a non-cash share swap, under which the sellers of Sukoon will be issued (15%) worth of Cambridge Center shares. The company has obtained approval from the General Regulatory Authority competition, while subject to other regulatory approvals and closing of the deal.
Hamad Al Shamsi, Chairman of the Board of Amanat Company, said: We have developed an ambitious plan and strategy during the acquisition of Cambridge Medical Care and Rehabilitation Center to expand and reach 1,000 beds within the next three years and the Today’s announcement of the deal is an important step in the direction of the company to achieve its strategy. The merger, the platform will include approximately 400 operational beds in the UAE and the Kingdom of Saudi Arabia being present in 4 cities (Abu Dhabi, Al Ain , Dhahran and Jeddah), as well as about 300 beds under expansion.
Al Shamsi expected that this deal would play an important role in strengthening the position of the Amanat platform to meet the growing demand for health and rehabilitation services, as the gap between demand and supply will reach around 24,000 beds over the next four years in the Kingdom of ‘Saudi Arabia and the United Arab Emirates.
Dr. Mohamed Hamadeh, CEO of Amanat, said: The merger of Sukoon International Holding Company with Cambridge Center for Medical Care and Rehabilitation is part of our effective portfolio management strategy which aims to create added value for shareholders, in firstly by strengthening Amanat’s position in establishing scalable platforms and, secondly, through good cost management across portfolio assets, both essential pillars to generate value for our investment portfolio. This specialized platform can have a positive impact on increasing the efficiency of public healthcare systems by relieving pressure and discontinuing the use of ICU beds for long-term care services in hospitals This will help reduce healthcare systems expenses and to provide quality medical rehabilitation services in parallel with the growing demand for such services.
Mustafa Badr El Din / Ramy Samih
