Riyadh - Mubasher: Professional Medical Expertise Company (ProMedEx) signed a non-binding memorandum of understanding (MoU) with Zhende Medical Company Limited and MedSurg FZ-LLC to establish a joint factory in Saudi Arabia.
The joint venture (JV) will focus on manufacturing medical supplies to serve the Saudi market, the GCC countries, and the Middle East region, according to a bourse disclosure.
The new entity’s capital will be determined at a later stage, with ProMedEx owning 35% shares, Zhende Medical holding a 51% stake, and MedSurg FZ-LLC maintaining the remaining 14% shares.
Under the agreement, the JV will benefit from Zhende Medical’s experience in manufacturing a wide range of high-quality medical supplies.
It will also leverage MedSurge’s expertise in managing medical supply factories, in addition to the Tadawul-listed company’s strong presence in the local and Gulf markets.
The strategic partnership aligns with the entities’ commitment to boosting the Saudi Vision 2030 initiative and contributing to the development of local manufacturing capabilities, job creation, and technological advancement in the Kingdom.
It is worth noting that Zhende Medical, a leading global provider of medical care and protection in China, is listed on the Shenzhen Stock Exchange.
The group served nearly 9,000 medical facilities and over 210,000 pharmacies in more than 70 countries and regions worldwide, particularly in Europe, the US, and China.
