Conrad Prabhu
MUSCAT, march 6 -
Oman and Emirates Investment Holding Co SAOG (O&E), a Muscat-based publicly listed company, plans to invest in a new high-end super-specialty hospital in the Sultanate in partnership with prominent Spanish players.
Total investment in the project is estimated at RO 24 million, according to Awad Mohammed Faraj Bamkhalef, Chief Executive Officer.
Provisional plans drawn up by the partners envisage a 70-bed facility, expandable to 100 beds, offering all of the state of the art medical facilities of a super-specialty healthcare institution.
“O&E is promoting this project jointly with Spanish partners and has agreed to invest RO 1.845 million and take up a 15 per cent equity stake in the company,” said Awad Mohammed.
“The proposed share capital has been fully booked by various institutional investors in Oman and also by the Spanish partner, who will invest 15 per cent. Various formalities towards company formation, finalisation of shareholder agreements and funding arrangements with banks are underway and expected to be completed by June 2017,” he added in analysis of the O&E Group’s performance during the fiscal year ended December 31, 2016.
Significantly, the proposed project is the second such super-specialty healthcare venture currently on the anvil for implementation in Muscat Governorate. Last month, Al Afia Healthcare Development and Investment Company, a partnership of Oman Brunei Investment Company, Suhail Bahwan Group and Portuguese-based Idealmed Group, announced plans for the establishment of a 100-bed multi-specialty hospital at Ghubra in Muscat Governorate. The facility is expected to open its doors in 2020.
O&E Group achieved a net profit of RO 2.834 million in 2016 versus a net loss of RO 2.816 million in 2015. The parent company posted a net profit of RO 2.685 million in 2016 compared to a net loss of RO 2.231 million a year earlier.
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