Al Modawat Specialized Medical Company has signed a 23-year real estate investment contract to establish and operate a medical complex.
The company signed the SAR 85 million agreement with the Ministry of Municipal and Rural Affairs and Housing on July 2, according to a bourse disclosure.
The agreement covers the rental of a 1,965 square metre site for the medical project, which is expected to increase the number of auditors and improve the company’s financial results.
In May, the board members of the publicly traded company proposed lowering the par value from SAR 10 to SAR 1 per share.