Middle East Healthcare Company (Saudi German Hospital) announces the signing of a memorandum of understanding to enter as an investor partner in Sobhi Abdul Jalil Batterjee Medical Hospital "a related party" located in Jeddah .
Middle East Healthcare Company (Saudi German Hospital) announces the signing of a memorandum of understanding to enter as an investor partner in Sobhi Abdul Jalil Batterjee Medical Hospital "a related party" located in Jeddah .
| Introduction |
Introduction
Middle East Healthcare Company (Saudi German Hospital) announces the signing of a non-binding memorandum of understanding ("MoU") with Sobhi Abdul Jalil Batterjee Medical Hospital in Jeddah and entering as an investor partner in the hospital (the proposed transaction) in exchange for cash. The two parties also agreed that the final evaluation of the final value of the transaction will be determined based on the results of due diligence reviews as agreed upon by the two parties. |
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| Memorandum Signing Date | 2021-01-28 Corresponding to 1442-06-15 |
| Counterparty | Sobhi Abdul Jalil Batterjee Medical Hospital |
| Memorandum Subject | Signing a memorandum of understanding to enter as an investor partner in Sobhi Abdul Jalil Batterjee Medical Hospital, located in Jeddah. |
| Memorandum Duration | The MoU shall be effective from the signing date and shall be remaining effective until 30 June 2021. |
| 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) |
| Financial Impact | The effect of the transaction on the company is expected to: Increase the company's market value. A positive impact on the financial statements in the coming years. Supporting the company's revenues. Expand in different regions within the Kingdom |
| Additional Information | The hospital is still under construction and it is expected to open in the second half of the year 2022. The hospital building consists of 80 outpatient clinics containing all medical specialties in addition to the patient admission department, the radiology department, laboratories and all other support departments. The hospital has a capacity of 300 beds. The purpose of this transaction fulfils Middle East Healthcare Company’s strategy concerning its expansion plan and supporting its market standing in providing premium medical services. Middle East Healthcare Company will announce on relevant developments achieved in due course. |
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