Amanat sells stake in Saudi fund for Dh433m

Company expects to report Dh40m gain from the sale

Amanat Holdings (Amanat), a health care and education investment company listed on Dubai Financial Market (DFM) has announced that it has divested form Saudi Healthcare and Education Fund.

The fund was established as a private investment fund in Saudi Arabia, in which Amanat through its subsidiaries indirectly holds 100 per cent of its units.

Amanat completed the sale of its minority equity interest representing 13.13 per cent of the shares in International Medical Centre to a private investor for 443 million Saudi riyals (Dh433 million), Amanat said in a statement.

The divestment has resulted in a total cash return of about Dh100 million, including dividends, and is expected to report a gain of about Dh40 million from the sale.

In line with strategy

Amanat said the exit is in line with its communicated strategy to exit minority investments where the path to control is challenging or limited and focus on being influential shareholders. The exit enables Amanat to pave the way forward towards more specialised opportunities in health care and education and to expand their platforms.

“The divestment of IMC was timely and at an attractive multiple as we continue to deliver on our strategic priorities and exit minority positions that can enable us to recycle capital for investments that are better aligned with Amanat’s platform model,” said Amanat’s Chairman, Hamad Al Shamsi.