NMC forms jv in Saudi Arabia

Prasanth Manghat, chief executive officer of NMC Health

GCC private healthcare operator NMC has formed a 52%/48% healthcare joint venture with Saudi Arabia’s Hassana Investment, the investment arm of the country’s pension fund General Organisation for Social Insurance.

The venture is made up of NMC’s five assets in Saudi Arabia and a additional cash injection, together with GOSI’s contribution of 38.88% stake in Tadawul-listed National Medical Care Company at a price of R54.00 (US$14.40) per share.

NMC will have operational control of the venture.

“We are pleased to reach this important milestone in the creation of our JV with GOSI, which sets a clear line of sight to the near-term completion of the transaction. This partnership will allow NMC to significantly increase its pace of expansion in the Kingdom, while simultaneously bringing best practices to the country,” said Prasanth Manghat, chief executive officer of NMC Health.