Mouwasat Medical Services [4002.SE] announced that it has signed an agreement with Knowledge Economic City to purchase a land plot in the latter’s project located in Medina for SAR12mn (funded internally). The payments will be in two equal tranches, with the first already paid (upon signing the agreement), while the second will be paid when Mouwasat receives the land transfer contract. The company plans to build accommodation for its Medina Hospital staff at an estimated cost of SAR60mn, which is expected to be reflected in the company’s 1Q19 financials. (Company disclosure)
 
Mouwasat Medical Services: SAR79.00 as of 27 Mar. 2019, Rating: Buy, TP: SAR102.00/share, MCap: USD2,107mn, MOUWASAT AB/4002.SE