Dubai-based leading education and healthcare investment company, Amanat Holdings has announced the creation of the largest pan-GCC post-acute care platform following the merger of Sukoon International Holding Company with Cambridge Medical & Rehabilitation Center (CMRC) through a non-cash share swap.
Under the deal, Sukoon shareholders will receive 15 percent of Amanat’s shares in CMRC and in return, Amanat will receive additional shares in Sukoon. The company has obtained the GAC approval on the transaction, which remains subject to other regulatory approvals and transaction closing.
“At the acquisition of CMRC, we set out an ambitious strategy to expand to c. 1,000 pan-regional beds within 3 years, and with today’s announcement, we are delivering on this ambition. Post-merger the platform will operate c. 400 beds in the UAE and KSA across 4 cities (Abu Dhabi, Al-Ain, Dhahran, and Jeddah) with a 300-bed expansion underway, primarily in KSA and further expansion plans in the pipeline. With today’s announcement, Amanat is uniquely positioned to take advantage of the estimated 24k post-acute care bed gap across KSA and the UAE in the next four years.”
Amanat’s Chief Executive Officer, Dr. Mohamad Hamade said that, “The merger of Sukoon with CMRC is part of our active portfolio management strategy that realizes shareholder value, firstly by positioning Amanat in rapidly expanding specialist sectors and secondly by delivering significant cost synergies, both key value-generation pillars in our platform strategy.”
“Furthermore, this sub-sector of healthcare relieves public healthcare systems by improving efficiency through unblocking intensive-care unit beds that are currently being used for long-term care services provided by general hospitals. Players like CMRC will help in reducing public healthcare spending in addition to providing services for underserved medical rehabilitation needs,” Dr. Hamade added.