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Al-Muwasah Faces Lawsuit Over 335M Riyals
Al-Mowasah Medical Services Company announced that it has received a notice of a legal claim filed at the Dammam Commercial Court by Al Atibba Medical Projects Company, demanding to divest its stake in Ataa Jeddah Hospital in exchange for approximately 335.38 million SAR. The lawsuit concerns the plaintiff's request to transfer its entire stake of 5.63 million shares, representing 32.42% of the company's shares, while Al-Mowasah currently owns a 51% stake in Ataa Jeddah. The company clarified that there is no precise financial impact from the lawsuit at this time, and it is reviewing the legal documents to prepare the necessary responses. It also confirmed that the lawsuit will not affect ongoing operations or the opening of the new hospital planned for this quarter after the completion of licensing procedures.
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