Saudi German Hospital shareholders approve related-party contracts

Middle East Healthcare Co.’s (Saudi German Hospital) shareholders approved various business and contracts concluded with other companies, during the extraordinary general meeting (EGM) held on June 17, according to a bourse filing.

The contracts include an indirect interest of one of the board members, namely Sobhi Batterjee (Chairman), Makarem Sobhi Batterjee (Vice Chairman), Khalid A. Batterjee (member), and Sultan Sobhi Batterjee (member).

The company signed four administrative supervision agreements for Saudi German Hospitals in various places. These include hospital in Dubai (UAE), with transaction valued at SAR 8.68 million in 2020; Sana (Yemen); Cairo (Egypt), with transaction valued at SAR 1.05 million; and Hail (Saudi Arabia).

It also signed an alternative administrative supervision agreement to the one previously signed with Egyptian Saudi Healthcare Co. and Bait Al-Batterjee Medical Co. to supervise the Saudi German Hospital in Cairo, Egypt.

Shareholders also approved several ongoing contracts to provide consultations related to the management of new projects and the implementation of administrative supervision agreements.

These include contracts with Bait Al-Batterjee Medical Co., with transaction valued at SAR 6.30 million in 2020; Bait Al-Batterjee Company for Education and Training (SAR 241,993); Abdul Jalil Khaled Batterjee Company for Maintenance of Medical Equipment (SAR 3.54 million); Bait Al-Batterjee Pharmaceutical Industries (SAR 24.53 million); Gulf Youth Company for Investment and Real Estate Development (SAR 11.77 million); and Bait Al-Batterjee College for Medical Sciences and Technology (SAR 1.07 million).

Seven contracts were signed with International Hospital Construction Co., including restoration and renewal of the company's hospitals (SAR 26.35 million); construction of medical tower at Saudi German Hospital Asir (SAR 10.61 million); construction of Saudi German Hospital Makkah (SAR 104.26 million); staff housing at Saudi German Hospital Makkah; staff housing at Saudi German Hospital Dammam (SAR 59.73 million); outpatient tower at Saudi German Hospital Riyadh (SAR 47.98 million); and inpatient beds expansion at Saudi German Hospital Riyadh (SAR 22.03 million).

The firm also signed five other contracts that were approved by shareholders during the meeting.