Middle East Healthcare Co. (MEAHCO), the operator of the Saudi German Hospitals (SGH), said its board of directors had recommended awarding a SAR 93.3 million contract for renovation works at its hospitals to the International Hospitals Construction Co.
The contract will extend for three years, the company said in a statement to Tadawul on Wednesday, adding that the renovation is expected to reflect positively on revenue.
International Hospital Construction Company is a related party in which three MEAHCO directors – namely Sobhi A Batterjee, Khalid A Batterjee, and Sultan Sobhi Batterjee – are shareholders.
The board’s proposal is subject to the approval of the company’s upcoming ordinary general meeting.