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NMC Health proposes acquisition of Al Zahra Hospital

14 December 2016 11:44

United Arab Emirates-based (UAE) healthcare provider NMC Health announced the proposed acquisition of Al Zahra Hospital in Sharjah from Gulf Medical Projects for AED2,058m (approximately $560m).

The acquisition will be subject to certain conditions and approvals.

As one of the largest private hospitals in the UAE, Al Zahra Hospital operates 137 active inpatient beds to serve approximately 400,000 outpatients.

NMC said the acquisition will complement its network of seven out-patient medical centres in Sharjah to strengthen its position as the largest private healthcare provider in the UAE and in the Gulf Co-operation Council region.

Al Zahra Hospital demonstrated a strong track record of growth and for the year ended December 2015 achieved revenue, EBITDA and net profit of $130.4m, $43.5m and $38.8m, respectively.

At 11:44am: (LON:NMC) NMC Health PLC share price was -47p at 1401p

Story provided by StockMarketWire.com

Related Company: NMC

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