NMC Health sells stake in Saudi Medical Care Group

Follow-ups -eshrag News:

Mon, 2022-03-21 14:56

RIYADH: The UAE-based NMC Health has exited Saudi operations as it sold its 53 percent stake in Saudi Medical Care Group, it said in a statement.

The group expects the transaction to be completed during the second half of 2022, subject to regulatory approvals.

“The successful sale of NMC’s last substantial non-core international asset represents an important milestone as we take the final steps to exit the administration process as NMC emerges as a robust, focused, profitable, customer-centric business,” said CEO Michael Davis.

Back in 2019, NMC formed a joint venture in Saudi Arabia comprising five hospital assets and a cash injection to acquire a stake in Saudi Medical Care Group.

 The privately-held Saudi healthcare provider’s portfolio currently includes seven hospitals and three clinics across the Kingdom.

Main category: 
Business & Economy
Saudi Arabia

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