Private equity firm Malaz Capital has acquired a stake in Ram Medical Clinics Company, which operates a chain of healthcare facilities in Saudi Arabia.

The acquisition of a significant minority stake, which came ahead of Ram Medical’s planned initial public offering and listing on the Saudi Stock Exchange (Tadawul), was made through the equity firm’s healthcare opportunities fund, according to a statement.

Ram Medical will use part of the investment to support business expansion. The healthcare firm operates a chain of clinics specialising in dentistry and dermatology.

“This investment will enable Ram Clinics to strengthen its market positioning through expansion,” said Hassan Al-Jeshi, CEO of Malaz Capital.

The company currently has 500 doctors mainly in dentistry and dermatology. It provides services to more than 1.5 million patients through 28 branches across the kingdom.

(Writing by Cleofe Maceda; editing by Seban Scaria)