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Batic Company announced a new investment in advanced medical industries

BATIC 4110 33.70% 2.42 0.61
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Announcement Detail BATIC Investment, Logistics, Security and Digital Solutions, Management and Operation of Facilities and Smart Cities Company announces that it has concluded a new partnership deal with AlShifa Medical Technology Company on June 28, 2020. BATIC has established AlShifa Technology Company Limited in the Kingdom of Saudi Arabia with headquarters in Riyadh. BATIC holds 60% of shares while AlShifa Medical Technology Company holds 40% of shares of the capital and its main activity focuses on importing and selling wholesale and retail of medical devices and supplies. The foundation will be funded from the company's own resources and the impact will be reflected in the company's financial statements during the second half of this year.

It is worth mentioning that the newly established companys businesses cover the import and distribution of medical devices and products and agreements with the National Consolidated Purchase Company and King Salman Center for Relief and Humanitarian Works with total amounts of 85.755.600 SR eighty five million seven hundred and fifty five thousand and six hundred riyals as well as major contracts and agreements under consideration.

On this occasion Abdullah Al Hassan Chief Executive Officer of BATIC Group stated that the signing of this partnership is in line with the strategic directions of BATIC Investment Group and that AlShifa Medical Technology Company will be the medical investment arm to pump many investments in the medical industries which is an opportunity to complete BATIC Group business efforts to become leader in diversifying the sources of successful investment in security monetary and logistical solutions management and operation of facilities properties and smart cities in addition to advanced medical solutions and providing high and satisfactory services to our partners in the public and private sector to sustain success. This is done by providing the highest level of services to more than 200 projects being operated by BATIC subsidiaries AMNCO Security and Cash Solutions Mubarrad and AMNCO Facility Management Smart Cities Solutions and AlShifa Medical Technology and BATIC Real Estate across the Kingdom thanks to the support of the government of the Custodian of the Two Holy Mosques His Royal Highness the Crown Prince, and our human resources that exceed six thousand employees of qualified Saudi nationals representing more than 95% of the workforce.

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