Mouwasat Medical Services was Founded in 1975 under Commercial Registration No. 205003202, issued in Dammam as an individual entity owned by Mr. Mohammed Sultan Subaie, where it began running its first medical activity as a private Dispensary at Dammam.
On the 12th of Ramadan,1417 (corresponding to 22 January 1997) the legal form of the corporation was changed to a Limited Liability Company under Commercial Registration number 2050032029, issued in Dammam with a capital of three million Saudi Riyals. The company’s activity is engaged in the ownership, management and operation, and maintenance of hospitals, health centers, medicine warehouses, and pharmacies.
On 27/1/1419H corresponding to 23/05/1998 the company increased its capital to SR 4,500,000, and the decision was documented by a public notary on 19/3/1419 H.
On 08/11/1425H. Corresponding to 20 December, 2004 the partners decided to increase the company's capital to 147 million Riyals by converting a total of 142.5 million Saudi Riyals from the retained profit earnings, statutory reserves, and current accounts of partners to the capital account. This action was authenticated by the Ministry of Commerce and documented by a notary on 24/11/1425, corresponding to 5 January 2005.
The legal entity of the company was converted from a Limited Liability Company to a joint stock company under His Highness Minister Of Commerce and Industry, Resolution number 1880, dated on 4/12/1426 (4 January 2006) with a capital of 147 million Saudi Riyals divided into 2.94 million shares, with a nominal value of SR 50 per share.
Under General Assembly extraordinary meeting on 25/41427, corresponding to 23/5/, 2006, a decision was made to increase the company's capital from SR 147 million to 250 million divided into 25 million fully paid ordinary shares with a nominal value of SR10 per share. This increase in capital of SR 103,000,000 was funded by converting SR 92,993,474 from retained earnings account and SR10,006,526 from the statutory reserve account to the capital account.
In accordance with the General Assembly’s decision in their extraordinary meeting held on 10.05.1433 (02/04/2012) the Capital was increased from SR 250 million to 500 million divided into 50 million fully paid shares, with a nominal value of SR 10 per share.