JEDDAH: Banaja Holdings, the new corporate name for Saudi Import Company, yesterday revealed its new corporate identity and group management restructuring, and indicated its plans for one of its companies to issue an initial public offering (IPO).
Unveiling the “world-class” health care and pharmaceutical company’s new identity at a press conference at the Park Hyatt, Banaja Holdings CEO Yousef Banaja, said the change would be beneficial both in terms of growth and greater health care and pharmaceutical opportunities across Saudi Arabia and the region.
“Today’s announcement is more than a change of corporate identity. By the same token we are very proud of our new identity and feel it best embodies the character and culture of our organization,” he said.
The company, with a capital of SR200 million, is rebranding and restructuring involving an additional SR150 million, Banaja said.
“Additionally, Banaja Holdings’ group restructure is part of our transformation in order for us to best generate efficiencies and synergy with our partners that will benefit the country and region in terms of healthcare and pharmaceutical import and distribution,” Banaja added.
The organizational restructuring was facilitated by PWC and Chicago Capital from the United States while the new corporate identity was created by one of the region’s corporate identity developers. The evolution of the organization has seen Banaja Holdings bring and represent some of the biggest names in health care and pharmaceuticals to the Kingdom.
With a steady 15 percent year on year growth over the last five years, the organization’s restructuring will further develop and mature the Kingdom’s pharmaceutical market, whose size exceeds $2.7 billion.
