Dubai – Mubasher: Amanat Holdings developed the biggest pan-GCC post-acute care platform after the merger of Sukoon International Holding Company with Cambridge Medical and Rehabilitation Center (CMRC) through a non-cash share swap.

Under the agreement, Sukoon’s shareholders will hold 15% of Amanat’s shares in CMRC, while the listed firm will receive additional shares in Sukoon, according to a press release.

The General Authority for Competition (GAC) greenlighted the merger process, yet the transaction is still subject to other regulatory approvals.

Hamad Alshamsi, Chairman of Amanat, noted: “At the acquisition of CMRC we set out an ambitious strategy to expand to 1,000 pan-regional beds within three years and with today’s announcement we are delivering on this ambition.”

Alshamsi mentioned: “Post-merger the platform will operate 400 beds in the UAE and KSA across 4 cities; Abu Dhabi, Al Ain, Dhahran, and Jeddah, with a 300 bed expansion underway, primarily in KSA and further expansion plans in the pipeline.

“With today’s announcement Amanat is uniquely positioned to take advantage of the estimated 24,000 post-acute care bed gap across KSA and the UAE in the next four years,” the Chairman indicated.

Mohamad Hamade, CEO of Amanat, stated: “The merger of Sukoon with CMRC is part of our active portfolio management strategy that realizes shareholder value, firstly by positioning Amanat in rapidly expanding specialist sectors and secondly by delivering significant cost synergies, both key value-generation pillars in our platform strategy.”

In the first nine months (9M) of 2022, the DFM-listed company reported net profits attributable to the shareholders worth AED 56.22 million, a plunge from AED 273.82 million in the year-ago period.