AnnouncementDetails

Actions

Arabian International Healthcare Holding Co. Announces the signing of a definitive Joint Venture Agreement with BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES to establish a Limited Liability Company in the Kingdom of Saudi Arabia

Element ListExplanation
Announcement Detail Arabian International Healthcare Holding Company (“TIBBIYAH”) listed on the Saudi Exchange Market (“Nomu”) under (SYMBOL: TIBBIYAH/9530) (ISIN:SA15H194KT19), a leading integrated healthcare solutions provider in the Kingdom, today 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 to be called SAUDI ADVANCED MEDICAL LAB (“SAML”) in the Kingdom to be owned 50% by BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES 50 – 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.

Tibbiyah’ CEO Mr. Alaa Ameen, states: “We are delighted to announce this signing of Tibbiyah- BGI ALMANAHIL HEALTH FOR MEDICAL SERVICES Joint venture Agreement and believe it will strengthen TIBBIYAH’s position as a strong player in the underserved highly specialized clinical laboratory testing KSA healthcare market and reinforce its status as a leading diversified healthcare company.

Ameen added that the establishment of SAUDI ADVANCED MEDICAL LAB (“SAML”) constitutes our entry to be our exclusive vehicle with our partner BGI Health (HK) Co., Ltd in the Kingdom of Saudi Arabia for the investment, operation, management, and maintenance of clinical laboratory testing centers for public and private customers. This partnership combines the expertise and experience of two high-quality Healthcare providers, creating new opportunities to further develop and expand our healthcare services in the Kingdom, and delivers TIBBIYAH strategy to enter into attractive healthcare market segments that have strong fundamentals conducive to growth and as one of the main players in the Kingdom Healthcare Sector”.

Tibbiyah CEO confirmed that the establishment of SAML represents TIBBIYAH’s continuous investment in the healthcare services vertical, being a milestone that is in line with its strategy to become a diversified healthcare holding company. Eventually, with a compelling value creation proposition for TIBBIYAH and its shareholders, SAML is expected to be cater to the growing needs of KSA clinical laboratory testing services especially highly specialized and first of its kind genetic testing services in the country, with a clear plan to grow the business.

BGI ALMANAHIL’s CEO Mr. Allen Ma states: “We are proud to have joined forces with TIBBIYAH, which has a long history and great achievements in the Kingdom Healthcare sector. Our vision from this partnership is to use the unique capabilities of both companies to better serve the patients and clients, maintain the highest quality standards and continuously introduce new clinical laboratory testing services and medical technology to the Kingdom Healthcare Sector. Since the outbreak of COVID-19 in 2020, BGI fully supported the kingdom in fighting against the epidemic and gained trust from the local government and people. As a result, we decided to increase investment in the Saudi market. We are very pleased to announce that by establishing a joint venture with Tibbiyah, we will continuously provide precision medical testing services to the Saudi public and serve the Saudi health industry.

BGI is headquartered in Shenzhen, China and serving customers in more than 100 countries. It has more than 20 years of genomics experience helping customers achieve their research goals by delivering rapid, high-quality results using a broad array of cost-effective, cutting-edge technologies, including the innovative DNBSEQ™ sequencing technology. In June 2000, BGI as the China’s representative, has sequenced 1% of the original Human Genome Project. Globally, BGI accelerates scientific and technological innovation, and is committed to making contributions to public health worldwide. Up till now, BGI's COVID-19 detection products have been utilized in over 180 countries and regions, and more than 90 "Huo-Yan" laboratories have been launched overseas, distributed in more than 30 countries and regions around the world.

The definitive Joint Venture Agreement is subject to some pre-closing conditions, including, without limitation, obtaining the approval of the General Authority for Competition as well as other conditions of a regulatory and commercial nature

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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
40.8 0.2 (+0.49%)
Value Traded (SAR) Volume Traded
160,276.5 3,948