Invests AED 900 mn to increase its shareholding to 97 per cent in the hospital
Aster DM Healthcare has acquired an additional 57 per cent stake in Sanad Hospital in Saudi Arabia for a consideration of AED 900 Million (Rs 1,600 crores). With this investment, the company has consolidated its position and increased its shareholding to 97 per cent in the hospital. Sanad Hospital is a private tertiary care facility with over 250 beds, located in Riyadh in the central region of the Kingdom of Saudi Arabia. In 2011, the company had acquired 40 per cent stake in Sanad Hospital marking its entry into Saudi Arabia.
Dr Azad Moopen, Chairman, Aster DM Healthcare said, “This investment is a reiteration of our commitment to provide advanced medical care of the highest quality at affordable cost to the residents of Saudi Arabia. The Ministry of Health’s commitment to ensure access to quality healthcare for all its residents presents a wonderful opportunity for us to add the Aster touch to improve patient outcomes, while helping transform the local healthcare infrastructure. Our financial commitment will help accelerate the expansion plans of Sanad Hospital as also help Aster DM Healthcare Group to enhance its presence in West Asia.’’
Alisha Moopen, Director Strategy commented, ‘’Over the past eight years, Sanad Hospital has delivered quality healthcare and our aim is to upgrade the hospital facilities to ensure more accessibility. In response to increase in the number of patients, we are adding new bed capacity of 100 inpatient beds with two new buildings and upgrading the main building to accommodate more emergency rooms and outpatient clinics.”
Aster DM Healthcare has been steadily expanding its footprint in GCC and India. The company had launched operations in Bahrain earlier in the year. With the Sanad Hospital acquisition, Aster DM Healthcare now has presence in all the six GCC countries, Jordan and Philippines. The company also has five greenfield projects underway in GCC countries, including one hospital in Qatar and four in the United Arab Emirates.
In India, the group has three hospitals in Kerala (Kozhikode, Kottakal, Kochi), two in Maharashtra (Pune, Kolhapur), two in Telangana (Hyderabad) and one in Karnataka (Bengaluru).