Fitaihi Group subsidiary sells goods to IMC for SAR 2.7 mln

One of Fitaihi Group branches

Fitaihi Holding Group announced, in a bourse filing, that its subsidiary, Fitaihi Retail Co. completed today, March 8, the sale of gold goods to the associate, the International Medical Center (IMC) that is a related party.

The deal is valued at SAR 2.72 million, paid in cash as per the sales policy of Fitaihi Retail.

The transaction does not include any preferential terms, and is subject to the same terms and conditions that the company follows with all dealers and contractors.

The sold merchandise is among the goods that Fitaihi Retail sells, the statement added.

The sale proceeds will be used to finance the company’s operations, and the relevant financial will appear as of the first quarter of 2022.

The deal includes the following related parties: Ahmed Fitaihi (non-executive), Chairman of Fitaihi Holding and Yasser Abdulhamid, CEO of Fitaihi Holding, and a board member of IMC, as well as Walid Fitaihi, Chairman of IMC.

The transaction is subject to the approval of the group’s upcoming general meeting after obtaining the necessary regulatory approvals.

Fitaihi Holding owns 100% of Fitaihi Retail that operates in the retail and wholesale of gold, jewelry, and luxury items. It also holds a 19.25% stake in the capital of IMC that operates in the Saudi healthcare sector and owns a medical center as well as a polyclinic medical complex with a current total capacity of 300 medical beds.