Mouwasat Medical Services Co. has declared its decision to divest from its investment in Advanced Medical Projects Co. “Ltd,” a venture with a capital of SAR 10 million jointly owned by Mouwasat Medical Services Co. and Magrabi Hospitals and Centers Co. The collaborative entity operates the Magrabi Eye Center, specializing in ophthalmology services and situated adjacent to Mouwasat Hospital in Dammam.
Both Mouwasat Medical Services Co. and Magrabi Hospitals and Centers Co. have equally held ownership in the project, and there was a mutual agreement to extend the memorandum of association, initially set to conclude on 31/12/2022, to now continue until the end of 2025. Subsequently, an amendment was made to indicate that the services would be sustained by Magrabi Eye Center until the conclusion of January 2024.
Effective from 01/02/2024, Mouwasat Hospital in Dammam will seamlessly take over the provision of services to its patients from the same building, operating under the name Mouwasat Eye Center. The management of Mouwasat Medical Services Co. anticipates a positive contribution to the financial results through the establishment of this new center. Details regarding the financial impact of the divestment process will be disclosed once the procedures are finalized.