MIDDLE EAST HEALTHCARE COMPANY ANNOUNCES OPENING OF THE SAUDI GERMAN HOSPITAL AT AJMAN - A RELATED PARTY UNDER MANAGEMENT SUPERVISION AGREEMENT
| Element List | Explanation |
|---|---|
| Announcement Detail | Further to the announcement published on Tadawul on 05/03/2017G regarding the approval of management supervision agreements that will be signed with Batterjee Medical Company Whereby Middle East Healthcare Company will manage and supervise six hospitals (under Saudi German Hospital trademark) outside Saudi Arabia that are under development including a hospital at Ajman in United Arab Emirates.
Middle East Healthcare Company announces the opening of Saudi German Hospital at Ajman in United Arab Emirates on 15/04/2019G with the following details. 1.The Hospital facility has 150 Inpatient beds and 46 Outpatient Clinics. 2. The hospital is owned by Ajman Healthcare Development Company where Bait Al Batterjee Medical Company (BAB) is the majority shareholder. It is a related party which has a management supervision agreement with Middle East Healthcare Company (Saudi German Hospital). 3. Middle East Healthcare Company (Saudi German Hospital) has no shareholding in this hospital and offers Management Supervision under its asset lite revenue model. 4. The Hospital has received all the required licenses and will start receiving patients from 15/04/2019G. 5. Middle East Healthcare Company (Saudi German Hospital) is entitled for 10% of the net profits before taxes as management supervision fees. 6. The company expects to start earning Management Supervision Fees from 2021. 7. Furthermore Middle East Healthcare Co. has management and supervision agreement with Saudi German Hospital Dubai and Saudi German Hospital Sharjah in the United Arab Emirates which was opened last year on 05/06/2018. |
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