Dubai, UAE — 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 400 operational beds and an additional 300 bed expansion underway, across UAE and KSA, the company said.
The merged entity is a core component of Amanat’s new market-leading healthcare platform, Amanat Healthcare. The transaction was completed through a non-cash share swap, whereby certain Sukoon shareholders received 15 percent of Amanat’s shares in CMRC in return for Amanat receiving additional shares in Sukoon. Following completion adjustments, Amanat will own 85 percent 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 realize 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.”