approval of the expansion project of AL Mouasah hospital- Aljubail industrial city:

Al Mouasah co. for medical services announces that the BOD which was held on June 4, 2012 has approved the expansion project of AL Mouasah hospital- Aljubail industrial city for a total cost amount to SR 110 million after getting necessary approvals from official parties, And it is expected for this expansion to raise the operational capacity of the hospital by 100%

 Noting that the time period expected for the implementation of this project will be 30 months as of the first of July 2012

Also, the added value to the expected financial results of the company as a result of this expansion is 15%

 The BOD has also approved a financing agreement with SABB according to Islamic Murabaha for SR 370 million of which SR 70 million are allocated to the expansion project of the hospital and is repayable in 36 monthly installments after a grace period of 24 months, and the rest is devoted to the  future expansions and acquisitions of the company

The board has approved as well an amount of SR 30 million with a credit facility from NCB which will be used in the expansion project and will be repaid on 24 installments after a grace period of 24 months

The rest of the expansion project value which is amounted to SR 10 million will be financed from the company's own sources