Dubai – Mubasher: Amanat Holdings concluded the acquisition of a majority stake in Sukoon International Holding Company through a merger with Cambridge Medical and Rehabilitation Center (CMRC), according to a press release.
Following the merger, which was initially announced in December 2022, the DFM-listed company established the largest pan-GCC post-acute care provider.
The recently-developed platform has nearly 400 operational beds, in addition to 300 beds in line with its expansion plans across UAE and KSA.
The transaction was executed through a non-cash share swap, under which Sukoon’s shareholders owned 15% of Amanat’s shares in CMRC. In return, Amanat received additional shares in Sukoon.
Once completing the required procedures, Amanat will hold 85% of the post-merger entity.
Hamad Alshamsi, Chairman of Amanat, said: “The merger, which creates the largest post-acute care provider in the GCC, places Amanat in a strong position to benefit from the significant post-acute care bed gap across KSA and the UAE.”
John Ireland, Acting CEO of Amanat, commented: “Amanat acquired a minority stake in Sukoon in 2015, and we subsequently worked successfully with our colleagues and partners to transform it into one of the leading post-acute care and rehabilitation providers in KSA.”
“We now look forward to working with the market-leading management teams at CMRC and Sukoon to integrate our post-acute care businesses, delivering both revenue and cost synergies and providing a strong platform for future growth,” Ireland added.
