Abu Dhabi-listed International Holding Company (IHC), said it has completed the acquisition of a 40 percent stake in Response Plus Medical Services (RPM) through one of its subsidiaries.

The acquisition is pending regulatory approvals, the diversified investment holding company said in a bourse filing.

Syed Basar Shueb, CEO and Managing Director of IHC, said: "RPM had more than 2 million people visit their 200 site clinics in 2020. With our own primary and secondary care companies and clinics, we will be able to create considerable synergy and support a significant push into the GCC and Africa in the next five years where this type of on-site healthcare management and medical emergency transfers is needed.”

IHC did not disclose the value of the stake or the name of the subsidiary.

RPM, a unit of VPS Health Care, provides on-site healthcare management and medical emergency transfers. In 2019 it set up in Saudi Arabia and Oman and has plans to expand further in GCC as well as in Ghana and Nigeria.

ADX-listed IHC is a holding company whose operations encompass nine verticals including real estate, healthcare, food, and agriculture. In 2019, it acquired the brokerage firm Shuaa Securities, thereafter, rebranded as International Securities.

Last year, IHC and its subsidiaries announced several new investments, including Falcon CI IV LP, a fund that owns a stake in SpaceX, Elon Musk’s aerospace company.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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