| Element List | Explanation |
|---|---|
| Introduction | Saudi Chemical Company Holding (SCCH) announces the signing of an exclusive memorandum of understanding (MOU) through its pharmaceutical sector, represented by Saudi International Trading Company Ltd. (SITCO Pharma), AJA Pharmaceutical Industries Ltd. (AJA Pharma), and Chemical Commercial Investment Company Ltd. (CCCI), with Hellmann Worldwide Logistics to form a joint venture company for logistic services. This exclusive joint venture is considered the first in the healthcare sector in the region, aims to provide transportation, loading, unloading, warehousing, and distribution services with the highest standards of quality, safety, and security. |
| Memorandum Signing Date | 2021-03-22 Corresponding to 1442-08-09 |
| Counterparty | Hellmann Worldwide Logistics |
| Memorandum Subject | to form a joint venture company for logistic services. This exclusive joint venture is considered the first in the healthcare sector in the region, aims to provide transportation, loading, unloading, warehousing, and distribution services with the highest standards of quality, safety, and security. |
| Memorandum Duration | The MoU shall be effective for 90 days after the signing date |
| Related Parties | There are no related parties |
| Financial Impact | The financial impact of this announcement cannot be determined at this stage. will be announce the latest developments in this regard at the appropriate time |
| Additional Information | Commenting on the MOU, Eng. Thamer Almuhaid, Group Chief Executive Officer of SCCH, emphasized this strategic partnership's promising role, as it will be a reliable advanced logistic platform and an effective partner to improve the quality of logistic infrastructure in Saudi Arabia and diversifying investment opportunities and economic activities. |
Eng. AlMuhaid said that the MOU is compatible with the SCCH transformation program, announced on 23/06/2020, and consistent with the National Transformation Program's goals and the Saudi Arabia Vision 2030 aims at strengthening the logistic position of the Kingdom as a hub connecting three continents.
Madhav Kurup, Regional CEO of Hellmann Worldwide Logistics in the Middle East and South Asia, stated that
this strategic partnership between two companies, by bringing Hellmann’s global and regional expertise, particularly in healthcare vertical, along with our globally benchmarking systems, processes, and specialized quality management system, complemented by the leadership position of SCCH in healthcare space, will create a unique operating model for the healthcare industry in the Kingdom of Saudi Arabia.
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