Press Release

  • Agreement to purchase stake in Al Borg Medical Laboratories - Thursday, November 29, 2012

    Boubyan Petrochemical Company has signed an agreement to buy a 20% equity stake in Al Borg Medical Laboratories Company – A Saudi-based Company specializing in the management and operation of medical laboratories that provide a wide spectrum of clinical diagnostic tests across 25 branches in Saudi Arabia and the GCC.

     

    This deal is valued at the equivalent of approx. 5.7 million Kuwaiti Dinars. In the event of the successful completion of this transaction the expected financial impact on our profit and loss statement will be related to recording results of the Al Borg Medical Laboratories Co. according to our ownership stake mentioned before and starting from the third quarter ending January 31, 2013.

     

    It should be noted that the completion of the procurement process described above requires the completion of all legal procedures in Saudi Arabia, including signature before a notary and transfer of the amount for the transaction, followed by legal procedures and regulatory amendments to Al Borg Medical Laboratories Co.; Articles of Association to incorporate Boubyan Petrochemical Company as a new partner.

     

    Any further developments related to this transaction will be announced as appropriate.