Sulaiman Al Habib Subsidiary Signs Construction Contract for Al-Kharj Hospital Project

Dr. Sulaiman Al Habib Medical Services Group Company announced on Monday that the approval of the Board in its meeting held on Sunday 12.12.2021 to award and sign the contract of Enabling and Structural works for Sehat Al-Kharj hospital project by its subsidiary (Sehat Al-Kharj for Healthcare Company) with MASAH Construction Company (a related party).

The Contract value reached SR98,446,190.45 (With VAT), where the Contract duration is 13 Months and this Contract will be presented to the next General Assembly as required by related law.

The Company indicated on Tadawul on Monday that the Contract was concluded within the normal course of business and did not include any preferential benefits.

The project is expected to have a financial impact on the results of the Company from the commencement of operations which is expected to be on 2024.

The Related Parties:

1. Sulaiman Abdulaziz Al Habib (Chairman of the Board of Directors) (Indirect Interest)
2. Hesham Sulaiman Al Habib (Member of the Board of Directors) (indirect Interest)

The Company intends to finance the project through internal resources and by long-term Shariah-compliant facilities from local banks.

This comes with reference to the announcement of Dr. Sulaiman Al Habib Medical Services Group Company (the “Company”) on Tadawul website published on Sunday 02.05.2021 regarding a new hospital project in Al-Kharj Governorate. The Company Concluded