Al Hammadi Company for Development and Investment announced today, Tuesday, the completion of all prerequisites for the acquisition of Sudair Pharmaceutical Company.
Al Hammadi stated in a statement to Saudi Tadawul that it has obtained all the required authorizations from the relevant authorities and that it has completed all legal and agreed procedures to transfer ownership of the shares sold in Sudair Pharmaceutical Company and void them in the name of Al Hammadi Development and Investment Company, including a letter of non-objection from the General Competing Authority and modify the Sudair Pharmaceutical Company incorporation agreement for the transfer of ownership.
He explained that he bought the entire stake in the Gulf Investment Corporation (GIC), which represents 35% of Sudair Pharmaceutical Company, owner and developer of Sudair Complex. for Specialized Pharmaceutical Industries, worth 118.125 million riyals.
He pointed out that the deal is self-funded and it is in in line with the company’s future growth plans thanks to the localization of the specialized pharmaceutical industry.
The company covered by the agreement achieved a net profit of 23 million riyals in 2020 and 10 million riyals in 2019 and began its trial operation in 2018.
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