Waha Capital unit to sell diagnostics lab

23/05/2017 07:30 AST

Waha Capital said its Anglo Arabian Healthcare unit has sold its stake in Proficiency Healthcare Diagnostics to Al Borg Medical Laboratories, the biggest private diagnostic facility in the Arabian Gulf.

The Abu Dhabi-based investment company said the sale is expected to close in three months when regulatory and third-party approvals are sealed. The sale price was not disclosed.

Anglo Arabian Healthcare bought a 70 per cent stake in Proficiency Healthcare Diagnostics for an undisclosed sum in April 2013 and over the years increased its holding to 93 per cent.

Since buying the stake in the diagnostic company, it has transformed it in to the leading laboratory in the UAE.

Anglo Arabian Healthcare has 35 healthcare facilities in Abu Dhabi, Dubai, Sharjah, Ajman and Ras Al Khaimah.

Waha Capital an Abu Dhabi-listed diversified investment company, in May said its net profit in the first quarter dropped by 50 per cent year-on-year following a revaluation of its investment in the airplane leasing company AerCap.

Net profit for the period declined to Dh87.6 million, compared with Dh175.8m. Waha Capital said the drop was mostly because of an adjustment of Dh58.8m against the share of income from AerCap following a conservative reassessment of the recoverable amount on the company's stake in the aircraft leasing group.

Waha Capital's asset-management division, which accounts for two thirds of its total income, had Dh1.6 billion of assets under management at the end of March.

Waha Capital said it had provided significant seed money for its funds, which it has been marketing to third-party investors for the past two years.

The Waha Middle East and North Africa Equity Fund had a total return of 4.9 per cent during the first quarter, following an 18 per cent gain in 2016.

The National