Tibbiyah signs non-binding MOU to acquire 100% of Mohammed Hamad Abdullah Al Hammad for Medical Services

Arabian International Healthcare Holding Co. announced the execution of a non-binding memorandum of understanding with the shareholders of Mohammed Hamad Abdullah Al Hammad for Medical Services, a limited liability company to acquire 100% of Mohammed Hamad Abdullah Al Hammad for Medical Services Company after concluding the final acquisition agreement between the Parties.

The company stated on Thursday on Tadawul that this MOU shall enter into force from the date of its signature and for a period of one hundred and eighty (180) days subsequently, or until the finalization of the final acquisition agreement (whichever is earlier), provided that the period is extendable for other periods according to a written understanding to be agreed upon between the parties.

Noting that no financial advisor has been appointed yet, and any material developments regarding the final acquisition agreement will be announced in due course.

Tibbiyah will carry out the Due Diligence procedures before signing the final acquisition agreement, taking into considerations all the applicable approvals, legal and regulatory procedures.

Additional Information

Mohammed Hamad Abdullah Al-Hammad Medical Services Company (a Saudi limited liability company) was established in 1987, and was distinguished as a leading company in providing medical services in the Kingdom of Saudi Arabia. The company offers the latest technologies in the field of medical devices, supplies and comprehensive medical project services.

Any material developments regarding the final acquisition agreement will be announced in due course.