Saudi German Health: BOD Deputy Chairman Remarks on Stock and Market Value Grounded in Future Outlook, Not Internal Information

The Middle East Healthcare Company (Saudi German Healthcare) responded to the statement reported by public electronic newspapers from the television interview with Makarem Sobhi Batterjee, Vice Chairman of the Board of Directors (BOD), which included the following:

⁃ The group’s stock is cheap compared to the size of the group and the number of beds and clinics.

⁃ The group’s market value is about SAR 9 bln, but the normal range ranges between 20-25 billion.

The company explained in a statement on Tadawul that, in compliance with its duty towards its shareholders and based on the controls of the Capital Market Authority and the Market Conduct Regulations, the company would like to clarify the following:

1) The news was quoted in a different way from the television interview, where Makarem Sobhi Batterjee indicated by his television interview in his statement that he is committed to the systems and disclosure as a public joint stock company. When asked about his expectations for the future of the group, he indicated that it was in Allah’s will and that the future would be greater. Based on the broadcaster’s statement in her question that Saudi German health profits rose during year 2023. As everyone knows, the company’s profits rose by about 241 percent during the first nine months of 2023, yielding SAR 143.7 mln compared to SAR 42 mln in the same period from year 2022.

2) The announcement of the share value and the company’s market value was not based on internal information. It was rather rather based on future expectations based on development, restructuring, the size of the company, the number of beds and clinics, and the spread of the company’s branches compared to other health companies.

The company confirmed that any financial information or material disclosures related to the company are only what is published on the Saudi Tadawul website.