UAE's Amanat divests stake in Saudi IMC for $118mln

The sale is expected to net a gain of $11mln

  
Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. Image used for illustrative purpose

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. Image used for illustrative purpose

REUTERS/Abdel Hadi Ramahi

Amanat Holdings, the UAE based healthcare and education investment company, said it has sold its 13.13 percent minority equity interest in International Medical Center KSA for 443 million Saudi riyals ($118 million; 433 million UAE dirhams).

Amanat held this stake through its 100 percent holding via subsidiaries in Saudi Healthcare and Education Fund, a private investment fund in the kingdom, the company said in a statement on Dubai Financial Market where its shares trade.

The stake sale to a private investor resulted in a total cash return of approximately 100 million dirhams, including dividends, and is expected to yield a gain from sale of about 40 million dirhams, the company said.

The fund first acquired its equity interest in IMC, a 300-bed multi-disciplinary tertiary care hospital that serves Saudi Arabia’s Western Region and targets the high-end segment of the market, in January 2017, and exited IMC in June 2021.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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