Amanat partners with leading Saudi healthcare provider International Medical Center
Amanat Holdings PJSC has announced the completion of the acquisition of a 13.18 per cent interest in International Medical Company (IMC), a Saudi closed joint stock company, in consideration of SAR 363.85 million.
IMC is a 300-bed multi-disciplinary hospital that serves Saudi Arabia’s Western Region and features specialty centres providing a wide range of comprehensive treatment options for different health problems.
According to Ranjit Bhonsle, COO of Amanat, the partnership with IMC expands Amanat’s portfolio of high-quality and differentiated businesses while deepening relationships with the region’s leading entrepreneurs in the healthcare sector. He added that they will focus on revamping the organisational design, expanding services lines, capacity and ease of access for patients and exploring corporate finance alternatives that improve access to long-term cost effective capital.
Amanat CEO, Khaldoun Haj Hasan, said that Saudi Arabia’s socio-demographic outlook, as well as regulatory changes, will continue to create opportunities for market-leading providers like IMC. Adding that over the last decade shareholders and management of IMC have built a world-class hospital in Jeddah that sets the benchmark for quality.
“We view this investment as the first phase of a long-term strategic partnership, and we look forward to assisting IMC with both expertise and capital as it expands from a single hospital operator to multi-facility, multi-geography healthcare group,” he added.
IMC is accredited by Joint Commission International (JCI), a US-based organisation that works to improve patient safety and the quality of global healthcare. Due to strong growth in demand for its services, IMC plans to expand its capacity both within its current facility and the Western Region over the next five years, with a particular emphasis on providing holistic personalised care applied to the highest international standards.
Faisal Bin Juma Belhoul, Chairman of the Board of Amanat, said, “A key pillar of Amanat’s investment approach is to work alongside differentiated and leading providers such as IMC and alongside visionary entrepreneurs to create value. Under the leadership of Founding CEO Dr. Walid Fitaihi, IMC has emerged as a true market-leader and we have confidence in its future prospects. Amanat and IMC’s shareholders and management team share a common vision for the company which we look forward to realising together over the coming years.”