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)
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