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Arabian International Healthcare Holding Co. Announces an update on Arabian International Healthcare Holding Co. announced the signing of a definitive Joint Venture Agreement with BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES and subsequently the establishment of Genalive Medical Co. Under commercial registration No 1010849621.
| Element List | Explanation |
|---|---|
| Introduction | Arabian International Healthcare Holding Company (“TIBBIYAH”), a leading integrated healthcare solutions provider in the Kingdom, previously on 27 July 2022, announced that it has entered into a definitive Joint Venture Agreement with BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES (a subsidiary company of BGI Health (HK) Co., Ltd) in the formation and operation of a limited liability company in the Kingdom to be owned 50% by BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES and 50% by TIBBIYAH, in order to provide clinical laboratory testing services and bioinformation services to hospitals, research institutes, medical centers and clinics for both in the public and private sectors. Whereas; Tibbiyah announced later on that the New Company Commercial Registration has been issued as per the Saudi Regulations and procedures; The new Company is registered under the Commercial Name: GenaLive Medical Co. Therefore; TIBBIYAH announces that on 25 May 2023 issued the Final Ministry of Health license Which allows Genalive Medical Co to start operating all its activities and provide medical services in accordance with regulatory procedures in the Kingdom, which includes, but not limited to, Routine testing: - Hematology - Biochemistry - Immunology Genetics testing: - Constitutional Genetics diseases testing - Reproductive Genetics testing - Hereditary cancer testing - Personalized medicine testing for cancer diseases
Furthermore, it is worthy to mention that Genalive Laboratory is characterized by the presence of a bioinformatics data center, which is one of the largest private biodata centers, that helps to analyze the produced data and detect genetic variants quickly and accurately, with an emphasis on ensuring a complete privacy policy for all patient data. Moreover, TIBBIYAH aspires to provided through Genalive a global model of laboratory services and support the achievement of Saudi Arabia's Vision 2030 and the health sector transformation program through early screening to enhance the disease prevention model, while Genalive will also contribute to the localization of genetic testing and raise the competencies of specialized Saudi cadres. |
| Previous Announcement | Arabian International Healthcare Holding Co. announced the signing of a definitive Joint Venture Agreement with BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES and subsequently the establishment of Genalive Medical Co. Under commercial registration No 1010849621. |
| Date of Previous Announcement on Tadawul's Website | 2022-12-26 Corresponding to 1444-06-02 |
| Percentage of fulfilled achievement | 100% |
| Event's Expected Completion Date | 25-5-2023 (Final MOH license issuance Date) |
| Reasons for Exceeding the Announced End Date | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Legal and Governmental expenses related to the MOH license issuance process |
| Impact of the Delay on the Company's Financial Results | Not applicable |
| Additional Information | The transaction has sought all regulatory approvals and satisfied all condition precedents including the non-objection certificate received from General Authority of Competition Municipality Certificate and Commercial Registration. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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