| Introduction |
Al Hammadi Company for Development and Investment announces the satisfaction of all the conditions of the Transaction, obtaining all required approvals and completion of all required regulatory formalities and agreed terms for transferring the Sale Shares in Sudair Pharmaceuticals Company to Al Hammadi Company for Development and Investment on 2021/11/9, including obtaining of the no objection letter in respect of the Transaction issued by the General Authority for Competition and amendment of Sudair Pharmaceuticals Company articles of association to reflect the Transaction. |
| Transaction Details |
purchase the entire Stake shares of the Gulf Investment Corporation (GIC) , which represents 35% of Sudair Pharmaceuticals Company, the owner and developer of Sudair Complex for Specialized Pharmaceutical Industries |
| Transaction Value |
118,125,000 saudi riyals |
| Transaction Terms |
the due diligence examination of the company's financial, legal, administrative and operational conditions and Status have been completed
the approval of the relevant authorities have been secured
the financial valuation has been completed
|
| Parties of the Transaction |
seller Gulf Investment Corporation (GIC)
buyer Al Hammadi Company for Development and Investment
|
| Transaction Funding Method |
internal cash flow |
| Transaction Execution Date |
2021-11-09 Corresponding to 1443-04-04 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction |
manufacturing of cancer treatments (oral and intravenous) |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction |
2018 not applicable as the company start the trial operations in 2019
2019 net profit of 10 million riyals
2020 net profit of 23 million riyals
|
| Transaction reasons |
The acquisition is in line with Al Hammadi Company’s growth plans and the Kingdom’s Vision 2030 to nationalize and localize advanced industries and technologies |
| Expected Impact of the Transaction on the Company and Its Operations |
increase the sales of the pharma sector in the company |
| Related Parties |
none |