One of Mouwasat Medical Services Co. hospitals
Mouwasat Medical Services Co. said that a commercial lawsuit was filed against it on Oct. 12 by Doctors Co. for Medical Projects, a closed joint-stock company, before the Commercial Court in Dammam. 
The lawsuit relates to Doctors Co.’s request to exit from Jeddah Doctors Co. by transferring its entire shareholding (5.63 million shares representing 32.42% of Jeddah Doctors) to Mouwasat, according to a statement to Tadawul.
Doctors Co. claims SAR 335.38 million from Mouwasat, which owns 51% of Jeddah Doctors shares.
At this stage, the financial impact of the lawsuit cannot be determined, the statement noted, adding there are currently no grounds for recognizing any financial provisions in this matter.
The legal and regulatory risks associated with the lawsuit cannot be determined at this stage. Mouwasat does not expect the lawsuit to have any operational impact on Jeddah Doctors’ hospital business or operational activities, while its opening is expected to be during the current quarter, after obtaining the required licenses from the Ministry of Health.
The Saudi-listed firm also indicated that it has reviewed the lawsuit and its supporting documents in coordination with its legal advisers, and will take the necessary legal measures to defend its rights and interests, and submit the required responses and defences before the competent judicial authority.
The potential liability that the company may incur due to the lawsuit cannot be estimated at present, Mouwasat said. Any material developments will be disclosed in due course in accordance with the applicable laws and regulations, the statement further indicated.
One of Mouwasat Medical Services Co. hospitals
Mouwasat Medical Services Co. said that a commercial lawsuit was filed against it on Oct. 12 by Doctors Co. for Medical Projects, a closed joint-stock company, before the Commercial Court in Dammam.
The lawsuit relates to Doctors Co.’s request to exit from Jeddah Doctors Co. by transferring its entire shareholding (5.63 million shares representing 32.42% of Jeddah Doctors) to Mouwasat, according to a statement to Tadawul.
Doctors Co. claims SAR 335.38 million from Mouwasat, which owns 51% of Jeddah Doctors shares.
At this stage, the financial impact of the lawsuit cannot be determined, the statement noted, adding there are currently no grounds for recognizing any financial provisions in this matter.
The legal and regulatory risks associated with the lawsuit cannot be determined at this stage. Mouwasat does not expect the lawsuit to have any operational impact on Jeddah Doctors’ hospital business or operational activities, while its opening is expected to be during the current quarter, after obtaining the required licenses from the Ministry of Health.
The Saudi-listed firm also indicated that it has reviewed the lawsuit and its supporting documents in coordination with its legal advisers, and will take the necessary legal measures to defend its rights and interests, and submit the required responses and defences before the competent judicial authority.
The potential liability that the company may incur due to the lawsuit cannot be estimated at present, Mouwasat said. Any material developments will be disclosed in due course in accordance with the applicable laws and regulations, the statement further indicated.
