ProMedEx inks MoU to establish JV in Saudi Arabia
Professional Medical Expertise Co. (ProMedEx) signed a non-binding memorandum of understanding (MoU) with Zhende Medical Co. Ltd and MedSurg FZ-LLC, according to a Tadawul statement.
The move aims to establish a joint venture (JV) in Saudi Arabia to manufacture medical supplies and better serve the Saudi, GCC, and Middle East markets.
The JV's capital will be determined later, with ProMedEx owning a 35% stake, Zhende (51%), and MedSurg (14%).
The JV will benefit from Zhende's long experience in manufacturing a wide variety of high-quality medical supplies, as well as MedSurge's expertise in managing medical supply factories. It will also benefit from ProMedEx's strong presence in the local and Gulf markets, as well as its expertise in selling and marketing medical products.
The new entity will primarily serve the Saudi market, but will also have the flexibility to expand into neighboring countries.
This strategic partnership reinforces the parties' commitment to Saudi Arabia's Vision 2030, contributing to the development of local manufacturing capabilities, job creation, and technological advancement in the Kingdom.
The MoU duration is three years from June 12, 2025, ProMedEx said, noting that the project will likely have a positive financial impact on its results once the plant starts operations.
Any developments in this regard will be announced in due course, the company said.
The JV will grant ProMedEx priority in distributing the locally-manufactured products, based on terms and conditions to be agreed upon between the two parties. In the event that no agreement is reached, the JV may discuss product distribution with third parties.
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