Image Credit: Amanat

Abu Dhabi: Amanat Holdings PJSC, the leading healthcare and education listed investment company, announced on Monday the creation of the largest pan-GCC post-acute care platform following the merger of Sukoon International Holding Company CJSC (Sukoon) with Cambridge Medical & Rehabilitation Center (CMRC).

The merged entity was created via a non-cash share swap, whereby the Sukoon shareholders will receive 15 per cent of Amanat's shares in CMRC in return for Amanat receiving additional shares in Sukoon.

The company has obtained the GAC approval on the transaction, remains subject to other regulatory approvals and transaction closing.

Ambitious strategy

Commenting on the transaction, Amanat's Chairman, Hamad Alshamsi said: "At the acquisition of CMRC we set out an ambitious strategy to expand to 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 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."

Chief Executive Officer of Amanat, Dr. Mohamad Hamade, added: "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."