The increased demand for mental health-care services and renal dialysis, and the apparent imminent approval of a drug to treat Alzheimer’s disease, have resulted in South Africa’s two remaining listed private hospital groups taking a chance on health care that will complement their legacy acute hospital services.

Netcare, for instance, told investors at its interim results presentation last month that it has 200 new mental health-care beds in the pipeline. This is in addition to the more than 1,000 beds the group already has in mental health-care facilities. And it recently commissioned another Netcare Akeso mental health hospital, which will provide a further 72 beds in Gqeberha...

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