DUBAI: Dubai-based investment firm Amanat Holdings has completed the sale of its minority 13.13 percent share in Jeddah hospital International Medical Center (IMC) for SR443 million ($118 million).
The transaction was done through the Saudi Healthcare and Education fund, which is indirectly owned by Amanat through its subsidiaries.
The divestment resulted in a cash return of 100 million dirhams, and is expected to report a gain of 40 million dirhams, Amanat said in a statement.
“IMC has a unique market position in Saudi Arabia and is a reputable provider of quality healthcare. We invested through the Fund in IMC nearly five years ago, with a different vision to obtain exposure across recognized assets through minority stakes,” Hamad Alshamsi, Amanat chairman, said.
The move is part of the Dubai firm’s strategy to exit minority investments, and pursue more specialized opportunities in health and education.
IMC is a 300-bed multi-disciplinary tertiary care hospital that serves the Kingdom’s western region.
