BATIC Investment and Logistics Co. (BATIC) signed on June 28, 2020, a new partnership deal with AlShifa Medical Technology Co., to establish AlShifa Technology Co. Limited in Saudi Arabia, with headquarters in Riyadh.
The company said in a bourse filing on Monday that it owns 60% stake in AlShifa Technology, while AlShifa Medical holds the remaining 40%.
The new firm will focus on importing and selling wholesale and retail of medical devices and supplies.
BATIC clarified that the initial capital will be provided from its own resources, noting the impact will be reflected on the company’s H2 2020 financials.
In addition, the new firm has signed agreements with the National Consolidated Purchase Co. and King Salman Center for Relief and Humanitarian Works worth SAR 85.76 million, as well as major contracts and agreements, are under consideration.
BATIC Group’s CEO, Abdullah Al Hassan, stated that the new entity will be the medical investment arm to pump investments in the medical industries, which is an opportunity to complete BATIC’s business efforts to diversify sources of investment in security, monetary, and logistical solutions, as well as management and operation of facilities, properties, and smart cities.
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