DUBAI: Amanat Holdings sees “tremendous opportunies” in the Saudi K-12 education market, its CEO disclosed on Thursday.
It follows the sale of of its 21.7 percent stake in UAE schools group Taaleem to an undisclosed buyer for 350 million dirhams ($95.3 million).
The sale generated a total cash return of 225 million dirhams, it said in a stock exchange filing on Thursday.
Taaleem operates some of UAE s best known schools that include Dubai British School, American Academy for Girls and Raha International School.
The education-to-health care investor had built its stake in the company after initially acquiring a 16.3 percent holding in April 2016.
“Looking ahead, in line with our strategic roadmap to establish specialized platforms in both health care and education with operational capabilities, our investment mandate will remain focused on K-12 and higher education as well as specialized health care including post-acute care,” said Amanat CEO Mohamad Hamade.
Dr Shamsheer Vayalil will also step down as managing director, although he will continue to serve as the company s vice chairman, Amanat said in a statement to the DFM on Sunday.
“Dr Shamsheer has played an instrumental role in Amanat for more than three years, having seen the company deploy its Dh2.5 billion in paid-up capital and expanding its assets under management to nearly Dh3bn,” the company said. “[He] steered the operational improvements across Amanat’s portfolio, especially during a period of heightened challenges driven by the onset of Covid-19.”
The business is now on a stronger footing and “we are confident in the management team’s ability to steer this next phase” of growth, Amanat chairman Hamad Al Shamsi, said.
UAE s Amanat Holdings acquires CMRC for $232m | Healthcare IT News healthcareitnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from healthcareitnews.com Daily Mail and Mail on Sunday newspapers.
UAE’s Amanat buys Cambridge Medical in $232m deal
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Cambridge Medical and Rehabilitation Center is a post-acute care and rehabilitation provider
March 2, 2021
United Arab Emirates-based Amanat Holdings, which invests in health care and education, has acquired a local rehabilitation firm for an enterprise value of $232m, underlining the robust demand for specialist medical services in the Gulf region.
Amanat said it bought Cambridge Medical and Rehabilitation Center following a bidding process through a combination of cash and debt from TVM Capital Healthcare, a private equity firm focused on emerging markets.
Amanat has acquired Cambridge Medical and Rehabilitation Center for $232 million in a deal that gives it greater access to Saudi Arabia’s post-acute health care market. The UAE-based health-to-education group said it acquired the specialist medical company with a combination of cash and debt from private equity firm TVM Healthcare. “We feel that this sector, post acute care