Riyadh – Batic Investments and Logistics Company (Batic) has entered into a new partnership agreement with AlShifa Medical Technology Company on 28 June to establish AlShifa Technology Company in Saudi Arabia.
Batic will own a majority stake of 60% in the new investment’s capital, whilst AlShifa Medical will have a 40% share, according to a bourse disclosure on Monday.
The project will be financed from Batic's cash resources and the material impact of the transaction will reflect on the financial statements during the second half (H2) of this year.
Furthermore, the collaboration comes in view of Batic’s strategic approaches, said the CEO of Batic, Abdullah Al Hassan, noting that the new firm is the medical investment arm to pump various investments in the medical industry field, representing an attractive opportunity to complement Batic’s offerings.
Noteworthy to highlight, the newly established company is working on importing and distribution projects for medical devices and products, agreements with the National Unified Procurement Company (NUPCO) and King Salman Humanitarian Aid and Relief Centre at a total value of SAR 85.75 million, along with other major contracts under consideration.
Batic has more than 200 projects implemented by its subsidiaries across the kingdom, with Saudi nationals accounting for more than 95% of its nearly 6,000-employee workforce.