BRIEF-Promedex Signs JV Agreement With Beijing Synapsor Artificial Intelligence

PRO MEDEX

PRO MEDEX

9574.SA

0.00

July 14 (Reuters) - PROFESSIONAL MEDICAL EXPERTISE COMPANY 9574.SE:

  • SIGNS JOINT VENTURE AGREEMENT WITH BEIJING SYNAPSOR ARTIFICIAL INTELLIGENCE

  • TO INCORPORATE LIABILITY JOINT VENTURE COMPANY IN SAUDI ARABIA

  • TOTAL ESTIMATED COST OF THE PROJECT IS SAR 35 MILLION

  • JV WILL ESTABLISH A MANUFACTURING FACILITY FOR SINGLE-USE MEDICAL PRODUCTS AND CONSUMABLES

  • CONSTRUCTION OF THE PROJECT IS EXPECTED TO BE COMPLETED IN MAY 2027

  • JV WILL COMMENCE ITS OPERATIONS UPON OBTAINING THE REQUISITE LICENCES AND REGULATORY APPROVALS

  • JV WILL ENTER INTO FURTHER AGREEMENTS WITH A NUMBER OF PARTIES FOR THE IMPLEMENTATION OF THE PROJECT

  • TRIAL PRODUCTION OF THE PROJECT IS EXPECTED TO COMMENCE IN JUNE 2027

  • COMMERCIAL PRODUCTION OF PROJECT EXPECTED TO COMMENCE APPROXIMATELY IN AUGUST 2027

  • COMPANY TO HOLD 80%, EQUIVALENT TO SAR 800,000

  • PARTNER TO HOLD 20% STAKE IN JV, EQUIVALENT TO SAR 200,000

  • WILL FUND ITS SHARE OF PROJECT FROM ITS AVAILABLE FUNDING SOURCES

  • FINANCIAL IMPACT OF PROJECT IS EXPECTED TO COMMENCE APPROXIMATELY BY END OF 2027

Source text: ID:nSSE1Qhvg8

Further company coverage: 9574.SE


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