Riyadh –  Al Modawat Specialized Medical Company has signed a real estate investment contract to establish and operate a medical complex for 23 years.

The company inked the SAR 85 million with the Ministry of Municipal and Rural Affairs and Housing on 2 July, according to a bourse disclosure.

The agreement covers renting a site of 1,965 square metres for the medical project, which is expected to have a positive impact in increasing the number of auditors and the company's financial results.

In May, the listed firm’s board members recommended splitting the par value from SAR 10 per share to SAR 1 per share.

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