Tibbiyah is the new owner of Al-Hammad Medical Services

Tibbiyah to take over Al-Hammad Medical Services: Nomu-listed Arabian International Healthcare (Tibbiyah) has acquired 100% of local healthcare player Al-Hammad Medical Services in a SAR 35 mn transaction, it said in a filing to Tadawul. A portion of the sale will be self-funded, while the rest will be covered through financing from an unnamed local lender.

The rationale: The move aims to boost Tibbiyah’s market share in the healthcare sector, and bolster its venture into the medical supplies and consumables distribution industries — ultimately allowing the company to diversify its product portfolio.

About Al-Hammad: The Riyadh-based company offers medical IT solutions, medical furnishings, and consumables and pharma products, according to its official webpage. Its revenues rose 11% y-o-y to SAR 91.6 mn in 2022.

Market reax: Tabbiyah’s shares were up 3.6% to SAR 41.95 a piece at yesterday’s market close.