Jadwa completes advisory mandate for privatization of Saudia’s subsidiary

Jadwa Investment announced today the completion of its advisory mandate for the privatization of Saudia Medical Services Company (SMS), a subsidiary of Saudi Arabian Airlines (Saudia), a statement said on Monday.

The privatization transaction, for which Jadwa acted as the exclusive financial advisor, was completed through the sale of a majority stake in SMS to Dr. Soliman Abdel Kader Fakeeh Hospital Co.

The deal is the first privatization of a government-owned healthcare entity under Vision 2030, the statement also said.

As part of the privatization mandate, Jadwa provided advisory services on several key aspects of the transaction.

This included the corporatization and restructuring of SMS from a cost center that was operated by Saudia, into an independent healthcare entity.

“The company’s business model was fully restructured, in line with the privatization process,” Mohammed Hashim Bafaqeeh, Chief Executive Officer of SMS, said.

SMS provides healthcare services to over 140 thousand employees and dependents of Saudia and its subsidiaries.