Saudi German Hospital recommends SAR 346.5 mln contract award to related party

22/03/2021 Argaam

Saudi German Hospital

Middle East Healthcare Co. (Saudi German Hospital) announced today, March 22, 2021, the recommendation of the board of directors to award the renovation contract of its hospitals in Jeddah, Riyadh, Khamis Mushait, and Madinah to International Hospital Construction Co.(IHCC), a related party. 

 

The company said in a statement on Tadawul that the contract value stands at SAR 346.5 million. The three-year contract is expected to be signed on Wednesday, March 24, 2021, and will be presented to the upcoming general assembly for approval.  

 

The contract was concluded within the normal course of business and did not include any preferential benefits.  

 

Board chairman Sobhi Abdul Jalil Batterjee, vice chairman Makarem Sobhi Abdul Jalil Batterjee, and board members Khaled Abdul Jalil Batterjee and Sultan Sobhi Abdul Jalil Batterjee are related parties.  

 

The contract comes within the framework of the company's strategy of renovation and refurbishment to upgrade its hospitals in line with international standards to meet customer expectations, enhance patient services and improve contracting terms with major clients. 

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