MEAHCO awards SAR601mn construction contracts for Mecca Hospital and staff housing to IHCC
Middle East Healthcare Co (MEAHCO) [4009.SE] announced the awarding of contracts for the design and construction of Saudi German Hospital in Mecca (capacity of 300 inpatient beds), and staff housing in Mecca and Dammam to International Hospital Construction Company (IHCC) (a related party). The SAR600.7mn contract is divided as follows: SAR388.91mn for SGH Mecca, SAR113.7mn for staff housing in Mecca, and SAR98.1mn for Dammam staff housing. The project is expected to be completed in 36 months, and will be financed through internal cash flows and bank loans.
Middle East Healthcare co. (MEAHCO): SAR56.50 as of 7 May. 2018, Rating: Buy, TP: SAR78.00/share, MCap: USD1,386mn, MEH AB/4009.SE
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