PROJECTS: ProMedEx, China’s Zhende to explore medical supplies production in Saudi Arabia

PRO MEDEX

PRO MEDEX

9574.SA

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Staff Writer

Professional Medical Expertise Company (ProMedEx) has signed a non-binding memorandum of understanding (MoU) with the Shenzhen Stock Exchange-listed Zhende Medical Company and MedSurg FZ to set up a joint venture (JV) in the Kingdom.

The JV aims to manufacture medical supplies and serve the markets in the GCC and Middle East, ProMedEx said in a statement to the Saudi stock exchange on Sunday.

The capital of the JV will be determined later. However, ProMedEx will own a 35 percent stake, Zhende (51 percent), and MedSurg (14 percent).

The JV will benefit from Zhende’s experience in manufacturing a variety of high-quality medical supplies and MedSurge’s expertise in managing medical supply factories.
 
The MoU duration is three years, starting 12 June 2025, ProMedEx said.

The project may have a positive financial impact on the company’s results once the plant starts operations, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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