Almujtama Medical signs SAR 4.2M lease to open pharmacy in Jeddah

06/05/2024 Argaam

Almujtama Medical signs SAR 4.2M lease to open pharmacy in Jeddah

Logo of Almujtama Alraida Medical Co. (Almujtama Medical)

Almujtama Alraida Medical Co. (Almujtama Medical) said its board of directors approved leasing the building owned by Omar Yousef Khojah - a related party - to open a pharmacy in Al Marwa District, Jeddah, at a total value of SAR 420,000 annually, excluding VAT. The total value of the lease reaches SAR 4.2 million for a period of 10 years.

 

In a statement to Tadawul, the company expected the relevant financial impact to show starting H2 2024.

 

The contract will be submitted for approval in the upcoming general assembly.

 

Almujtama Medical added that the board signed the deal after shareholders authorized it—for one year from June 18, 2023—to contract related parties.

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