Professional Medical Expertise Company (ProMedEx) Announces the Signing of a Joint Venture Agreement with Beijing Synapsor Artificial Intelligence Co., Ltd. and the Incorporation of a Limited Liability Joint Venture Company in the Kingdom of Saudi Arabia.
| Element List | Explanation |
|---|---|
| Introduction | Professional Medical Expertise Company (ProMedEx) (the "Company") announces that, on 28/01/1448H (corresponding to 13/07/2026G), it signed a joint venture agreement with Beijing Synapsor Artificial Intelligence Co., Ltd. (the "Partner") for the purpose of establishing a limited liability joint venture company in the Kingdom of Saudi Arabia under the name "PMX Syai Arabia Company", or any other name approved by the competent authorities (the "Joint Venture Company"). The Joint Venture Company was incorporated and registered in the commercial register on the same. The Joint Venture Company will establish a manufacturing facility for single-use medical products and consumables and will commence its operations upon obtaining the requisite licences and regulatory approvals from the competent authorities, in addition to entering into further agreements with a number of parties for the implementation of the project (the “Project”). The registered capital of the Joint Venture Company is one million (1,000,000) Saudi Riyals, allocated between the partners in accordance with the following ownership percentages: - The Company: 80%, equivalent to SAR 800,000. - The Partner.: 20%, equivalent to SAR 200,000. |
| Date of Board Resolution in Regard to the Project | 2026-07-13 Corresponding to 1448-01-28 |
| Project Start Date | The construction of the Project is expected to commence on 23 August 2026, following the approval of the plans related to the establishment of the Project by the relevant authorities. |
| Project Cost | The total estimated cost of the Project is SAR 35,000,000, which will be deployed in stages in accordance with the approved business plan and timeline and in line with the actual requirements of the Project. |
| Financing method for the project | The Company will fund its share of the Project from its available funding sources in accordance with the approved plan. The signing of the agreement does not constitute an immediate commitment to fund the full estimated cost of the Project. Any developments will be disclosed as and when they arise. |
| Expected completion date of the project | The construction of the Project is expected to be completed in May 2027. |
| Expected Financial Impact of the Project on the Company’s Results | There is no immediate material financial impact on the Company’s financial statements as a result of signing the agreement and the incorporation of the Joint Venture Company. The financial impact of the Project is expected to be reflected in the Company’s financial statements following receipt of the required licenses and regulatory approvals and the commencement of the implementation and operation of the Project. |
| The Start of the Expected Impact of the Project on the Company’s Results | The financial impact of the Project on the Company’s financial statements is expected to commence approximately by the end of the 2027 financial year. |
| Expected Date for the Pilot Production of the Project to Begin | The trial production of the Project is expected to commence in June 2027. |
| Duration of the pilot production of the project | The trial production phase of the Project is expected to last approximately two months. |
| Expected date for the commercial production of the project | Commercial production of the Project is expected to commence approximately in August 2027. |
| Executing Party/Counter Party in the Project/Contract | Beijing Synapsor Artificial Intelligence Co., Ltd., a company incorporated under the laws of the People’s Republic of China. |
| Related Parties | Based on the information available to the Company as of the date of this announcement, there are no related parties to this agreement. |
| Additional Information | The Project is subject to obtaining the requisite regulatory approvals from the relevant authorities in the Kingdom of Saudi Arabia. The Company will announce any material developments in due course in accordance with the applicable laws and regulations. |
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