Middle East Healthcare Co. has awarded a construction contract for the outpatient tower and inpatient beds expansion in Saudi German Hospital Riyadh to International Hospital Construction Company for SAR 193.66 million, it said in a statement to Tadawul on Monday.
The project, which will include 76 clinics and the addition of 147 beds, is slated for completion within 36 months from the date of award.
It will be funded partly through bank loans and internal cash flows, it added.
Three directors of Middle East Healthcare - Sobhi A. Batterjee, Khalid A. Batterjee and Sultan Sobhi Batterjee - are shareholders in IHCC.
“The recommendation was made on an arms length basis following the process of bidding and evaluation,” MEAHCO said, adding that the interested directors stayed away from the discussions on this agenda and abstained from voting for approval.
The project will have a material positive impact on the revenues and income of Saudi German Hospital, the statement added.
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