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Al Ahsa extends MoU to acquire Al Salam Medical Services

Al Ahsa extends MoU to acquire Al Salam Medical Services
Al Ahsa extended a MoU for 90 days to acquire Al Salam Medical Services
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Riyadh – Mubasher: Al Ahsa Development Company has extended a memorandum of understanding (MoU) to acquire Al Salam Medical Services Company for 90 days until 28 August.

The company attributed the MoU extension to complete documents required for the acquisition deal, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.

In March, Al Ahsa reported acquiring 100% of Al Salam Medical Services, which owns a 495-bed hospital under construction in Al-Khobar city, through a share swap agreement.

Accordingly, Al Ahsa will raise its capital by SAR 250 million, or 51%, to SAR 740 million from SAR 490 million, increasing the total number of shares to 74 million from SAR 49 million.

In May, the Saudi-based company signed an appendix of the binding purchase agreement to acquire 100% of Al Salam Medical Services Company.