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21 January 2020
BUSINESS

Amanat's BOD approves the acquisition of a stake in VPS Healthcare

Amanat Holdings has investments in hospitals and schools in Saudi Arabia and the UAE

Government healthcare spending is expected to rise to $30.5 billion by 2021 from $2.4 billion in 2016/iStock

by Kudakwashe Muzoriwa

Amanat Holdings’ Board of Directors has approved the acquisition of a strategic stake in VPS Healthcare, as the education and healthcare investment firm is seeking to expand its portfolio of investments in the region.

Amanat plans to grow its health-care portfolio in the Middle East as the GCC healthcare sector is expected to grow at a compound annual growth rate of 6.7 per cent by 2022. Government healthcare spending is expected to rise to $30.5 billion by 2021 from $2.4 billion in 2016.

In a bourse filing, Amanat Holdings’ board approved the formation of a special steering committee to consider the potential investment opportunity for the company to by a strategic stake in VPS Group.

Amanat authorised the ‘special steering committee’ to appoint external advisors and independent valuer to evaluate the transaction.

Additionally, the special steering committee was also approved to communicate with regulatory bodies to obtain the necessary approvals required for the proposed acquisition.

Last week, Bloomberg reported that Amanat Holdings is weighing a potential acquisition of a stake in VPS Healthcare’s Middle East operations.

VPS Healthcare was founded in 2007 by Dr. Shamsheer Vayalil and it is one of the largest private healthcare service provider in the UAE with a growing foothold in Oman. 


RELATED STORIES: VPS Healthcare Amanat Holdings healthcare


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