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Sedco Holding Sells 15% Stake in Nahdi through First Portfolio Company IPO

SEDCO Holding announced the successful listing of its portfolio company Nahdi Medical Company (Nahdi) on the Saudi Exchange main index.
SEDCO Holding announced the successful listing of its portfolio company Nahdi Medical Company (Nahdi) on the Saudi Exchange main index.
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Sedco Holding Sells 15% Stake in Nahdi through First Portfolio Company IPO

SEDCO Holding announced the successful listing of its portfolio company Nahdi Medical Company (Nahdi) on the Saudi Exchange main index.
SEDCO Holding announced the successful listing of its portfolio company Nahdi Medical Company (Nahdi) on the Saudi Exchange main index.

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 two polyclinics and seven 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 benefiting 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.

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China’s Leader Ends Southeast Asia Tour Touting Beijing’s Reliability vs. US Tariff Threats

This pool photo taken and released on April 18, 2025 by Agence Kampuchea Presse (AKP) shows China's President Xi Jinping (C-L) walking with Cambodia's Senate President Hun Sen (C-R) past the honour guard upon his departure at Phnom Penh International Airport. (AFP)
This pool photo taken and released on April 18, 2025 by Agence Kampuchea Presse (AKP) shows China's President Xi Jinping (C-L) walking with Cambodia's Senate President Hun Sen (C-R) past the honour guard upon his departure at Phnom Penh International Airport. (AFP)
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China’s Leader Ends Southeast Asia Tour Touting Beijing’s Reliability vs. US Tariff Threats

This pool photo taken and released on April 18, 2025 by Agence Kampuchea Presse (AKP) shows China's President Xi Jinping (C-L) walking with Cambodia's Senate President Hun Sen (C-R) past the honour guard upon his departure at Phnom Penh International Airport. (AFP)
This pool photo taken and released on April 18, 2025 by Agence Kampuchea Presse (AKP) shows China's President Xi Jinping (C-L) walking with Cambodia's Senate President Hun Sen (C-R) past the honour guard upon his departure at Phnom Penh International Airport. (AFP)

Chinese President Xi Jinping capped a three-nation Southeast Asia tour in Cambodia on Friday, promoting Beijing's reliability as the region faces economic uncertainty due to US President Donald Trump’s tariff proposals.

China has been strongly increasing its influence in the region over the past decade, largely by exercising its substantial economic leverage. Beijing is now presenting itself as a source of stability and certainty as Trump’s tariffs threaten the region’s export-oriented economies whose largest market is generally the United States.

Cambodia faces among the highest reciprocal tariff rates proposed by Washington. In addition to Trump’s universal 10% tariff, it faces the threat of a 49% tariff on exports to the US once his 90-day pause expires. For the other nations visited by Xi, Vietnam 's tariff would be 46%, and Malaysia 's 24%.

"The timing of the visit is extraordinarily auspicious for China, falling just in the wake of the announcement of Trump’s tariffs that have caused managed consternation in Cambodia and Vietnam ... and upset in Malaysia," Astrid Norén-Nilsson, a senior lecturer in the Study of Contemporary South-East Asia at Sweden’s Lund University, said in an email interview on Thursday.

"Xi Jinping can now carry out the tour equipped with the moral authority and goodwill of a singularly constant friend and reliable trading partner."

In Vietnam and Malaysia, Xi emphasized strengthening ties, particularly in trade and investment, and underscored the need to oppose unilateralism and protectionism and uphold the multilateral trading system.

A summary of the visit issued Friday by Cambodia’s Foreign Affairs Ministry barely mentioned the trade crisis, focusing instead on bilateral relations, though China's state Xinhua news agency said Xi had discussed the same trade issues as on his previous stops.

"This milestone visit not only reaffirmed the unwavering commitment to the ironclad friendship between Cambodia and China, but also further strengthened and deepened the Comprehensive Strategic Partnership and win-win cooperation between the two countries," said the Cambodian statement.

During his stay, Xi was granted a royal audience by King Norodom Sihamoni and held meetings with Prime Minister Hun Manet and Senate President Hun Sen, who is Hun Manet’s father and predecessor as prime minister. The visit was Xi’s first to Cambodia since 2016.

Xi and Hun Manet also presided over the signing of 37 documents covering investment, trade, education, finance, information, youth work, agriculture, health, water resources, tourism, women’s affairs and other subjects.

Details of the biggest deal were announced Friday, the signing of a public-private partnership contract to fund Cambodia's ambitious $1.156 billion Funan Techo Canal project, which was launched last year but work stopped soon after groundbreaking.

The 151 kilometer (94 mile)-long canal would link a branch of the Mekong River to a port on the Gulf of Thailand.

China has been Cambodia’s largest trading partner for 13 consecutive years, with two-way trade in 2024 reaching $17.83 billion, though greatly in China’s favor. It has also been Cambodia’s largest source of foreign investment for 13 consecutive years, as well as a major aid donor and its biggest creditor.

Referring to social and development issues, the Foreign Ministry's statement implicitly made a contrast to positions held by the United States, saying "both sides acknowledged the global threat posed by climate change and committed to strengthening environmental protection (and) advancing clean energy collaboration."

It mentioned as well China’s help in dealing with Cambodia’s problem of clearing land mines left over from armed conflicts decades ago, and cooperation in the health sector. The Trump administration’s foreign aid cuts have affected those and other sectors.

The statement also declared that "both sides agreed to further strengthen the cooperation mechanism between the armed forces of the two countries."

Beijing helped fund an expansion of the Ream Naval Base on Cambodia’s southern coast, raising worries it could become a strategic outpost for the Chinese navy in the Gulf of Thailand.

The statement did not mention the base issue. Cambodia has repeatedly denied any agreement granting China special privileges or the establishment of a foreign military base.

Cambodia has stated that warships from all friendly countries are welcome to dock at its new pier, provided they comply with certain conditions. Japan announced on Tuesday that two of its minesweepers will visit the Ream base this weekend in the first foreign navy visit since the expansion project was completed.