NMC Health asks Care to re-elect new board, audit committee

National Medical Care Company (Care) said it received a letter from NMC Healthcare KSA, in which the latter requested to hold a general meeting to vote on terminating the current three-year term of the board of directors.

The current board term started on January 1, 2018, Care said in a bourse statement.

NMC Saudi Arabia, which owns a 49.2 percent stake in Care, also requested to vote on re-electing a new audit committee and a new board of directors.

The date of the new general meeting will be determined upon finalizing the regulatory approvals.

In March, UAE-based NMC Health and Hassana Investment Company, the investment arm of Saudi Arabia’s General Organization for Social Insurance (GOSI), signed an agreement to form a joint venture (JV) in healthcare. The JV consisted of NMC's five assets in the Kingdom and an additional cash injection at closing, and GOSI's contribution of 38.88 percent stake in Tadawul-listed Care.