The United Arab Emirates-based healthcare and education investment company, Amanat Holdings, has sold its 13.13 percent of minority equity stake in the Saudi International Medical Center for $118 million.
Amanat held this stake through its 100 percent holding via subsidiaries in Saudi Healthcare and Education Fund, a private investment fund in the kingdom, the company said in a statement on Dubai Financial Market where its shares trade.
The stake sale to a private investor resulted in a total cash return of approximately 100 million dirhams, including dividends, and is expected to yield a gain from sale of about 40 million dirhams, the company said.
The fund first acquired its equity interest in IMC, a 300-bed multi-disciplinary tertiary care hospital that serves Saudi Arabia’s Western Region and targets the high-end segment of the market, in January 2017, and exited IMC in June 2021.
