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Ibrahim Al-Romaih (seated left) and Ebrahim Almana (seated right)
with other officials at the signing.

Sanabil acquires 20pc stake in Almana Hospitals

DAMMAM, February 14, 2016

Sanabil Investments, a closed joint stock company wholly owned by the Public Investment Fund and headquartered in Riyadh, has completed its acquisition of a 20 per cent equity stake in Ebrahim Mohammed Almana & Brothers Company.

This is the third direct investment by Sanabil Investments in the last 12 months.
    
The company owns and operates the Almana General Hospitals (AGH) in the Eastern Province.  The acquisition is part of Sanabil Investments’ strategy to invest in the Saudi economy and contribute to the kingdom’s National Transformation Programme, said a statement.

Based in Al-Khobar, the company has been active in the healthcare industry since 1949 and established the first private sector general hospital in the Eastern Province.  Today, with more than 900 beds and more than 300 outpatient clinics across four hospitals in Al Khobar, Dammam, Hofuf, and Jubail, and two medical centres in Dammam and Jubail, the company is considered one of the largest and oldest healthcare providers in Saudi Arabia.

Ibrahim Al-Romaih, Sanabil Investments CEO, said: “We are delighted to partner with one of the most renowned and reputable healthcare providers in Saudi Arabia.  The acquisition is in line with Sanabil’s expected role to assist leading family businesses in Saudi Arabia in adopting a higher degree of corporate governance and institutional framework to ensure their long term sustainability and continuity for the benefit of their shareholders and the overall Saudi economy.”

Ebrahim Almana, the company’s chairman, said: “The shareholders are very pleased with this important strategic milestone by the company which reflects our prominent position in the market today and our attractive prospects in the future. This transaction affirms our role as a key healthcare provider to citizens and corporates in Saudi Arabia.  All shareholders and members of the company are equally proud of the efforts that Sanabil Investments has put in to make this deal happen.”  

GIB Capital acted as financial advisor and Clifford Chance acted as legal advisor to the company. The law office of Looaye Al-Akkas in association with Vinson & Elkins acted as legal advisor to Sanabil Investments. - TradeArabia News Service
 




Tags: Hospitals | Almana | Sanabil | Public investment |

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