Saudi's Sanabil Investments buys 20% of Almana Hospitals

14/02/2016 Argaam

Sanabil Investments, a closed joint stock company owned by Saudi Arabia’s Public Investment Fund (PIF), bought a 20 percent stake in Ebrahim Mohammed Almana & Brothers Co., GIB capital said in a statement without disclosing the value of the deal.

 

Almana owns and operates Almana General hospitals in Saudi Arabia’s Eastern Province.

 

“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,” Ibrahim Al-Romaih, Sanabil’s CEO, was quoted as saying in the statement.

 

GIB Capital advised Almana on the deal.

 

The Saudi government allocated SAR 105 billion to the healthcare sector in its 2016 budget, or 12.5 percent of the total budget.

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