Mubasher: Saudi Healthcare and Education Fund, indirectly owned by Amanat Holdings through its subsidiaries, has sold its 13.13% minority equity interest in International Medical Center (IMC) in exchange for SAR 443 million (AED 433 million).
The transaction has resulted in a total cash return of AED 100 million, including dividends, and is forecast to record AED 40 million gains, according to a press release on Sunday.
The divestment is in line with Amanat's objective to exit minority investments and explore more specialised opportunities in healthcare and education.
In January 2017, the fund acquired its interest in IMC, a 300-bed hospital serving Saudi Arabia’s Western Region.
Amanat’s Chairman, Hamad Alshamsi, said: "Today, Amanat has begun forming specialised platforms that have the potential to also be leading providers with Amanat as an influential or majority shareholder."
Meanwhile, the CEO of Amanat, Mohamad Hamade, commented: "The exit from IMC was an independent sale process during a challenging economic climate and I believe we managed to seize a solid opportunity as we continuously work to deliver on our promise to grow total shareholder returns."
