Mouwasat to exit investment in Advanced Medical Projects

One of Mouwasat Medical Services Co. hospitals

Mouwasat Medical Services Co. announced its intention to divest its investment in Advanced Medical Projects Co.

Advanced Medical, owned equally by Mouwasat and Magrabi Hospitals and Centers Co., provides ophthalmology services from Magrabi Eye Center, located next to Mouwasat Hospital in Dammam. The company’s capital stands at SAR 10 million.

In a statement to Tadawul, the company said that an agreement had been previously agreed between the two parties to extend the duration of the memorandum of association, which ended on Dec. 31, 2022, until the end of 2025.

However, a subsequent amendment concluded that the service will continue to be provided by Magrabi Eye Center until the end of January 2024.

Consequently, Mouwasat Hospital in Dammam will offer services to its patients from the same facility through Mouwasat Eye Center starting Feb. 1, 2024.

The company's management believes the center will contribute positively to its financial results.

The financial impact of the exit procedures will be announced upon its completion, the statement added.