Middle East Healthcare Company (Saudi German Hospital) announces the award of contract for the modification and renovation of the company's hospitals to the International Hospitals Construction Company (a related party)

22 March 2021

Introduction	Introduction Middle East Healthcare Company (Saudi German Hospital) announces the recommendation from independent members of the board of directors to award a contract for the modification and renovation project of the company's hospitals in the cities of Jeddah, Riyadh, Khamis Mushayt and Madinah to the International Hospital Construction Company as a "related party". The recommendation will be presented to the General Assembly for a vote on it.
Date of the Award	2021-03-22 Corresponding to 1442-08-09
Contract Value	346,526,924 SAR
Expected Date for Signing the Contract	2021-03-24 Corresponding to 1442-08-11
Contract Details	The project of the contract for the modification and renovation of the company's hospitals in the cities of Jeddah, Riyadh, Khamis Mushayt and Madinah. The duration of the contract is three years. The company confirms that the contract was concluded within the normal course of business and did not include any preferential benefits.
Related Parties	Eng. Sobhi Abdul Jalil Batterjee (Chairman of the Board) Dr. Makarem Sobhi Abdul Jalil Batterjee (Vice Chairman of the Board) Dr. Khaled Abdul Jalil Batterjee (Member of the Board) Mr. Sultan Sobhi Abdul Jalil Batterjee (Member of the Board)
Additional Information	Within the framework of the company's strategy related to modification and renovation work to upgrade the hospitals to keep pace with international standards and in line with customer expectations, improve patient services and improve contracting terms with major clients.