Monday, December 19, 2022 – 9:52 PM
ABU DHABI, 19th December, 2020 (WAM) — Amanat Holding Company, listed on the Dubai Financial Market, announced today the establishment of the largest platform for providing medical care and rehabilitation in the region, following the merger of Sukoon International Holding Company with Cambridge Medical and Rehabilitation Centre.
The deal took place through a non-cash share swap, whereby Sukoon sellers will be issued shares in the Cambridge Center at a value of (15%). The company has obtained the approval of the General Authority for Competition, while it is subject to other regulatory approvals and the closing of the deal.
Hamad Al Shamsi, Chairman of the Board of Directors of Amanat Company, said: We developed an ambitious plan and strategy when acquiring the Cambridge Medical Care and Rehabilitation Center to expand and reach 1,000 beds within the next three years, and the announcement of today’s deal is an important step in the direction of the company to achieve its strategy. The merger, the platform will include approximately 400 beds in operation in the United Arab Emirates and the Kingdom of Saudi Arabia by being present in 4 cities (Abu Dhabi, Al Ain, Dhahran and Jeddah), in addition to 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 care and rehabilitation services, as the gap in supply and demand will reach about 24 thousand beds during 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 the Cambridge Center for Medical Care and Rehabilitation is part of our effective portfolio management strategy that aims to create added value for shareholders, first by strengthening Amanat’s position in establishing scalable platforms, and secondly through Good management of costs between the assets of the portfolio, both of which are essential pillars for generating value for our investment portfolio .. This specialized platform can have a positive impact on increasing the efficiency of public health care systems by relieving pressure and stopping the use of intensive care beds for long-term care services in hospitals This will contribute to reducing the expenditures of public health care systems and providing quality medical rehabilitation services in parallel with the increasing demand for them.
Mustafa Badr El Din / Ramy Samih