23 Mar 2022
SEDCO Holding, one of the largest family-owned investment groups in the Kingdom of Saudi Arabia, announced the successful listing of its portfolio company Nahdi Medical Company (Nahdi) on the Saudi Exchange main index. This marks SEDCO Holding’s first partial exit through a public share sale. SEDCO Holding invested in Nahdi in 2003 by acquiring 50% of the business, and will retain 35% ownership post listing.
Nahdi is the market leading retail pharmacy chain in Saudi Arabia with 1,151 pharmacies and a fast-growing primary healthcare services business with 2 polyclinics and 7 express clinics evolving into a holistic omni-health platform. Nahdi’s pharmacies cater to 100 million customers annually through Saudi Arabia’s largest brick and mortar network, serving 97% of the nation’s population across 144 cities and towns.
Sheikh Saleh Salem Bin Mahfouz, Chairman of SEDCO Holding and Nahdi Medical Company, said: “The listing of Nahdi on the Saudi Exchange is a significant milestone for both Nahdi and SEDCO Holding. It is a culmination of the collaborative efforts of SEDCO Holding and Nahdi in growing the company to become the largest retail pharmacy chain in Saudi Arabia while evolving into a full-fledged omnichannel health platform. This partnership also reinforces SEDCO Holding’s active, long-term investment approach in promising businesses and its vital role in driving socioeconomic development aligned with Vision 2030. I would like to welcome the new shareholders of Nahdi to the company. We look forward to continuing to support the company, and collaboratively benefitting the lives of people in the Kingdom and beyond.”
Eng. Rayyan Nagadi, Chief Executive Officer of SEDCO Holding, said: “Nahdi has been an outstanding investment for SEDCO Holding, and we are very proud of this major milestone. We have worked closely with the management team to drive profitable growth and expansion across the Kingdom, and instilled a robust corporate governance framework into the business to further improve operational efficiency. By retaining 35% ownership in Nahdi, we are demonstrating our belief in, and commitment to, Nahdi’s next phase of growth. We are proud to continue to partner with Nadhi and add value as a strategic shareholder. Further, we are actively seeking investment opportunities in promising businesses within sectors that align with our strategy and with Vision 2030.”
Eng. Yasser Joharji, Chief Executive Officer of Nahdi, said: “SEDCO Holding has been a committed strategic partner with Nahdi for over 19 years, and has played an invaluable role in us reaching this major milestone. SEDCO Holding has fast-tracked our transformation into a leading retail pharmacy chain in Saudi Arabia and a fast-growing primary healthcare, omni-health platform. We are pleased that SEDCO Holding is staying on as a strategic investor with representatives remaining on our Board following the listing, which will provide Nahdi with stability and support as we accelerate our growth strategy.”
Earlier this year, SEDCO Holding fully exited its stake in Ejada through a sale to Al Rajhi Bank and also completed the sale of Arabian Entertainment Company Limited (“AEC”) to GLD Partners LP, a privately-held Los Angeles investment management firm. SEDCO Holding is focusing its investments in promising businesses within strategic sectors in the Kingdom — including healthcare, real estate, hospitality, and education.