Saudi German Health clarifies Vice Chairman’s statement on stock price, market value

One of Saudi German Health's hospitals

Middle East Healthcare Co. (Saudi German Health) published a clarification on the statement made by the company’s Vice Chairman, Makarem Batterjee, in a TV interview dated Jan. 30, regarding the group’s stock price and market value.

Batterjee said that the stock price is too low, in consideration of the group size and the number of beds and clinics available.

Moreover, its market value amounts to about SAR 9 billion, while the normal scale ranges between SAR 20-25 billion.

According to a statement to Tadawul, the healthcare provider responded, out of its compliance and duty towards shareholders, and based on the controls set forth by of the Capital Market Authority and the market conduct regulations, to clarify the Vice Chairman’s declarations.

The statement was reported out-of-context, Saudi German Health said.

In his interview, Batterjee stated that he is committed to the applicable regulations and disclosure, since Saudi German Health is a public joint stock company.

Asked about his expectations for the future of the group, he asserted that the company’s future would be greater, in response to the broadcaster’s question regarding the profit surge accomplished in 2023.

Moreover, Batterjee’s statement on share value and the company’s market value were not based on internal information, but rather its future expectations based on development, restructuring, the size of the company, the number of beds and clinics, as well as the spread of the company’s branches compared to other healthcare providers.

Saudi German Health confirmed that any financial information or material disclosures related to the company are only published on the Saudi Exchange (Tadawul) website.