Fitaihi Group completes SAR 1.4 mln sale with an affiliate

Fitaihi Holding Group said that it completed a SAR 1.45 million sale of goods (within the product range the group operates and sells) to the International Medical Center (IMC).

The IMC is considered a related party, where Fitaihi Holding owns 19.25% of its capital, however, the deal was completed without any special conditions, the company said in a bourse statement.

The financial impact of this transaction will be reflected on Q4 2020 financials.

The deal is subject to the Group’s general assembly meeting approval.

Mohamed Ahmed H. Fitaihi, a board member at the Saudi-listed firm, has an indirect interest in this transaction as he represents Fitaihi Group in the board of IMC, the statement added.

The transaction comes in line with Fitaihi Group’s strategy of focusing on investments in the health care sector.