Al Hammadi completes paperwork to buy 35% of Sudair Pharmaceuticals for SAR 118.1 mln

Al Hammadi Hospital Suwaidi Branch

Al Hammadi Company for Development and Investment announced, on Nov. 9, completing all legal procedures required for the acquisition of a 35% stake in Sudair Pharmaceuticals Co. at a total value of SAR 118.13 million, according to a bourse filing today.

The sold shares were transferred and registered in the name of Al Hammadi. The company also obtained a no-objection letter from the General Authority for Competition (GAC) on the acquisition, and Sudair’s articles of association was amended to reflect the ownership transfer.

All necessary approvals were completed, including the financial and legal due diligence reviews, and the financial evaluation, Al Hammadi added.

The company financed the above-mentioned deal from its own resources, expecting higher sales of the pharmaceutical business.

The step came in line with Al Hammadi’s future growth plans by localizing the specialized pharmaceutical industry.

The are no related parties, the statement clarified.

Sudair Pharmaceuticals started its trial operation in 2019. It reported a net profit of SAR 10 million in 2019 and SAR 23 million in 2020.

In July, Al Hammadi purchased the entire equity of the Gulf Investment Corporation (GIC) in Sudair Pharmaceuticals, Argaam reported.

The agreement was extended in October for one month.

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