Dubai's Amanat Holdings has completed the acquisition of a majority stake in critical care medical company Sukoon International Holding through a merger with Cambridge Medical and Rehabilitation Centre, creating the largest pan-GCC post-acute care platform.
The merged entity has 400 operational beds, with a 300-bed expansion under way.
As part of the deal, Sukoon shareholders received 15 per cent of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon, the company said in a statement on Wednesday to the Dubai Financial Market, where its shares are traded.
Amanat will own about 85 per cent of the post-merger entity.
The deal was first announced in December.
“The merger … places Amanat in a strong position to benefit from the significant post-acute care bed gap across KSA [Saudi Arabia] and the UAE,” Amanat’s chairman Hamad Alshamsi said.
“The merged entity strengthens our newly announced platform, Amanat Healthcare, consolidating its position as a market-leading provider of specialised health care in the GCC and enhances the range of strategic value creation options for the platform, including a potential IPO [initial public offering] in the near-term.”
Earlier this month, Amanat said it is consolidating its healthcare assets in the Middle East into a single platform, with plans for a potential IPO of the new division as part of its growth strategy.
The new company, Amanat Healthcare, will have assets across the UAE, Saudi Arabia and Bahrain with an expected capacity of 1,000 beds within three years.
“Amanat acquired a minority stake in Sukoon in 2015, and we subsequently worked successfully with our colleagues and partners to transform it into one of the leading post-acute care and rehabilitation providers in KSA,” Amanat’s acting chief executive John Ireland said.
“With the expansion of our existing facility under way, we are confident we will continue to grow profitability and margins at Sukoon in the near term.”
Amanat reported a 14 per cent jump in its 2022 adjusted net profit on the back of higher revenue.
The company’s adjusted net profit, which excludes gains from sales and trading, climbed to Dh117.4 million ($32 million), while revenue for the year rose by more than 24 per cent to Dh513.1 million.
Its total assets grew by more than 2 per cent to Dh3.6 billion.
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What is 'Soft Power'?
Soft power was first mentioned in 1990 by former US Defence Secretary Joseph Nye.
He believed that there were alternative ways of cultivating support from other countries, instead of achieving goals using military strength.
Soft power is, at its root, the ability to convince other states to do what you want without force.
This is traditionally achieved by proving that you share morals and values.
UAE currency: the story behind the money in your pockets
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 4.0-litre flat-six
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Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
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Essentials
The flights
Whether you trek after mountain gorillas in Rwanda, Uganda or the Congo, the most convenient international airport is in Rwanda’s capital city, Kigali. There are direct flights from Dubai a couple of days a week with RwandAir. Otherwise, an indirect route is available via Nairobi with Kenya Airways. Flydubai flies to Kinshasa in the Democratic Republic of Congo, via Entebbe in Uganda. Expect to pay from US$350 (Dh1,286) return, including taxes.
The tours
Superb ape-watching tours that take in all three gorilla countries mentioned above are run by Natural World Safaris. In September, the company will be operating a unique Ugandan ape safari guided by well-known primatologist Ben Garrod.
In the Democratic Republic of Congo, local operator Kivu Travel can organise pretty much any kind of safari throughout the Virunga National Park and elsewhere in eastern Congo.
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
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Transmission: Eight-speed dual-clutch auto
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
MATCH INFO
Uefa Champions League last 16, first leg
Liverpool v Bayern Munich, midnight, Wednesday, BeIN Sports
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
