Dubai: Deutsche Bank has sold its stake in Al Noor Hospitals to Amanat.
This deal is in a series of a deal done by Amanat and Marka, which were listed on the Dubai Financial Market last year. Another company that was listed on the DFM with Amanat, Marka recently acquired a play centre operator Cheeky Monkeys, and acquired Retailcorp last month.
Amanat said in a statement on the DFM on Thursday, it has purchased 4.14 per cent stake or 4.8 million shares in Al Noor Hospital for Dh250 million.
For the first quarter to March 2015, Al Noor Hospital revenues rose nearly 12 per cent to be at $124.9 million.
Meanwhile, Al Noor said it continues to remain debt free with a strong net cash position of $93.7 million, thereby allowing them to continue exploring further acquisition opportunities.
Health-care spending in the Gulf is expected to grow at an annual rate of 10.7 per cent until 2017, while higher education student enrolment figures are predicted to expand at 5.2 per cent until 2020.
Amanat had said last year, that it aimed to acquire six companies in the next 12-24 months in the health care and education sectors.
