Al-Modawat says Egypt subsidiary to provide administrative services

11:29 AM (Mecca time) Argaam
Logo ofAl-Modawat Specialized Medical Co.

Logo of Al-Modawat Specialized Medical Co.

Al-Modawat Specialized Medical Co.’s new unit in Egypt will provide administrative services to the parent firm in Saudi Arabia in order to eliminate the operating expenses in some industries.

 

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The move will cut over 70% costs of the administrative services, Al-Modawat said in a statement to Tadawul.

 

The company has no medical presence in Egypt.

 

The board of directors approved on Aug. 19 establishing a new 100%-owned limited liability company in Egypt for investment in the medical industry, Argaam earlier reported.

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