Middle East Healthcare Co. (MEAHCO), also known as Saudi German Hospitals, announced on 19 March that it has awarded a SAR194mn construction contract to International Hospital Construction Company (IHCC) for an outpatient tower and inpatient beds expansion at Saudi German Hospital Riyadh. The project will include 76 clinics, will add 147 beds to MEAHCO’s existing capacity and is expected to be completed 36 months from the date of the contract award. The expansion will be funded through both bank loans and internal cash flows. Three directors in MEAHCO, Sobhi A. Battarjee, Khalid A. Battarjee, and Sultan Sobhi Battarjee, are shareholders in IHCC. (Argaam)
Middle East Healthcare co. (MEAHCO): SAR53.93 as of 19 Mar. 2018, Rating: Buy, TP: SAR78.00/share, MCap: USD1,323mn, MEH AB/4009.SE
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