Amanat Holdings completes acquisition of majority stake in Sukoon

DUBAI, 26th April, 2023 (WAM) -- Amanat Holdings has announced the completion of the acquisition of a majority stake in Sukoon International Holding Company through a merger with Cambridge Medical & Rehabilitation Centre (CMRC).

The merger, initially announced in December 2022, creates the largest pan-GCC post-acute care provider with c.400 operational beds and an additional c.300 bed expansion underway, across UAE and KSA.

The merged entity is a core component of Amanat’s new market-leading healthcare platform, Amanat Healthcare, which consolidates Amanat’s portfolio of world class healthcare assets into a single platform.
The transaction was completed through a non-cash share swap, whereby certain Sukoon shareholders received c.15% of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon. Following completion adjustments, Amanat will own c.85% of the post-merger entity.

Amanat’s Chairman, Hamad Alshamsi, said, “The completion of the merger of Sukoon with CMRC marks an important milestone in Amanat’s strategy to realise shareholder value through active portfolio management. 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.

“The merged entity strengthens our newly announced platform, Amanat Healthcare, consolidating its position as a market-leading provider of specialised healthcare in the GCC and enhances the range of strategic value creation options for the platform, including a potential IPO in the near term.”

Amanat’s Acting Chief Executive Officer, John Ireland, commented, “With the expansion of our existing facility underway, we are confident we will continue to grow profitability and margins at Sukoon in the near term.

“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.”