| Element List |
Explanation |
| Introduction |
Dr. Sulaiman Al Habib Medical Services Group (The Group) announces the approval of its Board of Directors by its resolution issued on Saturday 19 Ramadhan 1442H corresponding to 01/05/2021G to establish a new hospital project in Al-Kharj Governorate (South of Riyadh) by Sehat Al-Kharj for Healthcare Company(The Company), which is a subsidiary owned 100% by the Group. The hospital will be built on a land owned by the Company, which is located at Jawharat Al-Kharj neighborhood opposite to Prince Sattam bin Abdul-Aziz University at the intersection of King Khaled Road with Abdullah bin Amer Street, with an area of (44,303.33) square meters and an estimated total built-up area of (73,870) square meters, with capacity of (141) beds, at an estimated cost of SAR 458 million. |
| Date of Board Resolution in Regard to the Project |
2021-05-01 Corresponding to 1442-09-19 |
| Project Start Date |
The expected project start date is Q3 2021G, subject to approval obtained from the relevant authorities |
| Project Cost |
The estimated total cost of the project is SAR 458 million. |
| Financing method for the project |
The project will be funded by the Group’s internal resources and by long-term Shariah-compliant loans from local banks. |
| Expected completion date of the project |
The expected project completion date is Q3 2024, subject to approval obtained from the relevant authorities |
| Expected Impact on the Company’s Financial Results |
The project is expected to have an impact on the financial results of the Company, from commencement of operations, expected to commence in Q4 2024G. Details of the financial impact and any other developments will be announced in due course. |
| Expected Date on Which the Impact on the Financial Results of the Company will Start |
N/A |
| Expected Date for the Pilot Production of the Project to Begin |
N/A |
| Duration of the pilot production of the project |
N/A |
| Expected date for the commercial production of the project |
The Group’s management expects that the commercial operations of the project will begin during Q4 2024, after obtaining the approval of the Ministry of Health |
| Executing Party/Counter Party in the Project/Contract |
To date, the project has not been awarded to a constriction entity, and any other developments related to this project will be disclosed in due course and after obtaining the required regulatory approvals. |
| Related Parties |
N/A |
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