Amanat drops plan to move its listing from Dubai to Abu Dhabi bourse
Dr Shamsheer Vayalil is stepping down from his role as managing director but will remain vice chairman
Amanat Holdings, the Dubai-based company that invests in healthcare and education businesses, dropped plans to transfer the listing of its shares to Abu Dhabi's stock market, almost a year after it received shareholders’ approval for the move.
The decision “related to transferring the listing of Amanat Holdings from Dubai to Abu Dhabi will no longer be perused in compliance and accordance with Resolution No.3/2021 pertaining to the listing of local public joint stock companies”, the company told its online general assembly meeting on Sunday.
Amanat announced plans to move its headquarters to Abu Dhabi and list its shares on the Abu Dhabi Securities Exchange in April last year, subject to approval by the exchange and the Securities and Commodities Authority.
Dr Shamsheer Vayalil will also step down as managing director, although he will continue to serve as the company's vice chairman, Amanat said in a statement to the DFM on Sunday.
“Dr Shamsheer has played an instrumental role in Amanat for more than three years, having seen the company deploy its Dh2.5 billion in paid-up capital and expanding its assets under management to nearly Dh3bn,” the company said. “[He] steered the operational improvements across Amanat’s portfolio, especially during a period of heightened challenges driven by the onset of Covid-19.”
The business is now on a stronger footing and “we are confident in the management team’s ability to steer this next phase” of growth, Amanat chairman Hamad Al Shamsi, said.
Amanat did not name a replacement for Dr Vayalil. The company appointed Dr Mohamad Hamade as chief executive in May 2020.
Amanat has continued to expand its portfolio of investments despite challenges it faced last year as a result of the pandemic. In March, it acquired Cambridge Medical and Rehabilitation Centre for $232 million in one of the region's biggest healthcare deals. It bought the business from TVM Capital Healthcare, a private equity firm focused on emerging markets, and is funding the transaction through cash and a Dh405m bank loan, it said in a statement at the time.
The deal is Amanat’s first wholly owned healthcare investment in the UAE, although it already owns businesses in the sector in Saudi Arabia and Bahrain. Its education portfolio includes schools operator Taaleem, Abu Dhabi University Holding and Middlesex University Dubai. It also owns the property assets of the North London Collegiate School in Dubai.
In February, Amanat reported an 86 per cent drop in full-year 2020 net profit, despite a rise in revenue.
Published: April 12, 2021 01:25 PM