National Medical Care Co. (Care) has received a letter on 24-05-2019 from NMC Saudi Arabia Healthcare (Joint Venture) stating that it has completed the process of establishing the joint venture with the General Organization for Social Insurance (GOSI) and Hassana Investment Company.

The letter also pointed out that NMC's ownership of the joint venture represents 53% and that the ownership of GOSI represents 47%. The letter also indicates that NMC Saudi Arabia will be responsible for management and operation in the joint venture.

The letter also included the partners desire to clarify that - through the joint venture - an additional stake - through special deals - was acquired in the National Medical Care Co. (Care) representing 10.3% of Care capital at an average price of SR 52.6 Per share. As a result of this additional shares, the ownership of the joint venture in Care represents 49.2% of Care capital (including the ownership of GOSI and Hassana Investment Company 38.88% of Care capital with price of SR 54 per share). Note that the joint venture did not own any shares in Care prior to this deal.

The joint venture letter also indicated its desire to enter the health sector through international experience in the healthcare through NMC Healthcare and Hassana Investment Company. It also indicated its desire to increase its stake in Care, as allowed by regulations, as well as its desire to raise the level of services and healthcare in Care.

The joint venture also intends to provide international expertise and best practices to further develop the skills set and provide better employment opportunities for Care employees. In order to achieve that, the Joint venture intends to make some changes to the board of directors and the management of Care in due course.