Dallah Healthcare of Saudi Arabia has picked up an 8.2 percent stake in International Medical Company for $77 million in order to widen its business.
In a statement to the Tadawul, Dallah Healthcare said that it had acquired the SAR 289 million ($77 million) stake as part of a plan to eventually acquire 25 percent as well as to expand its presence to Jeddah.
International Medical Co offers a 300-bed hospital and clinics, based in Jeddah, serving the Eastern region of the kingdom, the company said.
International Medical Co posted a revenue of SAR 1.2 billion annually for the last three years.