SAIC finalizes SAR 25 mln purchase of Canadian Medical Center shares

24/08/2023 Argaam
Logo ofSaudi Advanced Industries Co. (SAIC)

Logo of Saudi Advanced Industries Co. (SAIC) 

Saudi Advanced Industries Co. (SAIC) completed today, Aug. 24, a negotiated deal for the purchase of 3.85 million shares in Canadian Medical Center Co. (CMCER), for SAR 24.99 million, according to a statement to Tadawul.

 

The deal will be financed from the company's own resources. The seller is Khalid Al-Dossary, the statement added.

 

SAIC expects the related financial impact to be reflected in its financial statements in Q3 2023. It noted that there are no preferential or special conditions.

 

The deal is part of SAIC’s evolving strategy to expand its investments and target the most vibrant investment sectors, in line with the Kingdom's Vision 2030.

 

CMCER operates in the health sector in Saudi Arabia. The company's business falls under two main axes: The operation of medical centers and execution of contracts for medical clinics projects.

 

To view CMCER’s financial statements since 2020, click here: 

CMCER’s financial statements since 2020

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