Dallah Healthcare extends Jeddah hospital agreement for 7 months

15/11/2018 Argaam

 

Dallah Healthcare Co. has extended a joint venture (JV) agreement with AWJ Investment Co. to build and operate a hospital in Jeddah for seven months.

 

The extension would allow both parties to obtain the necessary approvals, the Saudi medical services provider said in a bourse filing.

 

No relevant financial impact is expected from the agreement extension.

 

The Tadawul-listed healthcare firm, in April 2017, signed a non-binding agreement with AWJ to set up a SAR 500,000 closed joint stock company to build and operate a full-service hospital in Manar district, North East Jeddah, Argaam reported.

 

Dallah agreed with AWJ Investment to invest SAR 350 million in the new Jeddah hospital, which will be directly financed from its profit along with other bank facilities.

 

AWJ said it would contribute in-kind shares represented in a 150,000 square meter land, valued at SAR 270 million, in Jeddah.

 

Dallah will own a 56 percent stake in the new facility, while the rest will be held by AWJ.

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