Saudi's Dallah Health buys stake in International Medical Centre Co

Saudi-based healthcare company has acquired 8.2% stake worth $77mln

  
A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh September 5, 2013.

A broker monitors stock prices on a screen at the Saudi Investment Bank in Riyadh September 5, 2013.

REUTERS/Faisal Al Nasser

Riyadh-based Dallah Healthcare Co has acquired an 8.2 percent stake in International Medical Co as part of its strategy to expand the business.

In a statement to the Tadawul, Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah.

International Medical Co offers a 300-bed hospital and clinics, based in Jeddah, serving the Eastern region of the kingdom, the company said.

International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

(imogen.lillywhite@refinitiv.com)

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