Dubai: Amanat Holdings (Amanat), a healthcare and education investment company listed on Dubai Financial Market (DFM) has announced that it has divested form Saudi Healthcare and Education Fund.
The fund was establishes as private investment fund established in the Kingdom of Saudi Arabia, in which Amanat through its subsidiaries indirectly holds 100 per cent of its units.
Amanat said the exit is in line with its communicated strategy to exit minority investments where the path to control is challenging or limited and focus on being influential shareholders.
The divestment of IMC was timely and at an attractive multiple as we continue to deliver on our strategic priorities and exit minority positions that can enable us to recycle capital for investments that are better aligned with Amanat.
Through the divestment Amanat completed the sale of its minority equity interest representing 13.13 per cent of the shares in International Medical Center to a private investor for a total consideration of SAR443 million (Dh433 million), Amanat said in a statement.
The divestment has resulted in a total cash return of about Dh100 million, including dividends, and is expected to report a gain of about Dh40 million from the sale.
The Fund first acquired its equity interest in IMC, a 300-bed multi-disciplinary tertiary care hospital that serves Saudi Arabia’s Western Region and targets the high-end segment of the market