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NMC acquires 3 hospitals in KSA, obtains all approvals

NMC acquires 3 hospitals in KSA, obtains all approvals
The company now has a total licensed capacity of about 700 beds

Abu Dhabi- Mubasher: NMC Health announced on Monday that it has received all regulatory approvals for its long-term care facility, Chronic Care Specialty Medical Center (CCSMC), in Jeddah, KSA.

CCSMC is believed to be one of the first Greenfield medical facilities in Saudi Arabia to be established by a non-KSA company, according to a press release.

The CEO of NMC Health, Prasanth Manghat said that “NMC would like to thank the Saudi government for the support it has offered us during the regulatory approval process.”

“NMC healthcare reached agreements to acquire these multi-specialty hospitals in each of the northwestern and southern regions of Saudi Arabia for an aggregate consideration of $40 million.”

“With a total licensed capacity now at about 700 beds, we see the KSA as an important part of NMC’s growth strategy and will continue to identify areas in which we can fill gaps in the country’s healthcare offerings.”

“The 220-bed long-term care facility initiated operations with 50 beds, which will be fully committed to patients currently receiving short-term acute care from hospitals in Jeddah and its surrounding areas. The migration of patients will begin today.  A phased increase of utilisation is planned with hospital projected to be at full capacity by H1 2019.” Manghat added.

 “We agreed to acquire 60 per cent stake in a new hospital in Najran. The acquisition is expected to close later this year for the hospital which houses 100 beds with adjacent land for future growth,” Manghat further explained.

“The expansion plans to provide our leading integrated services to Saudi Arabia are expected to positively impact NMC’s earnings from 2018 and beyond,” Manghat concluded.