Riyadh – Mubasher: Fitaihi Holding Group on Tuesday announced that an associate company, International Medical Center (IMC), has acquired three medical entities in Jeddah. 

The three entities are The First Clinic, Tadawi Center, and First Scan, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The move comes along with IMC’s expansion and acquisition plans to support the Saudi National Transformation Program.

The deal, which is expected to be finalised in the third quarter of 2019, will be financed via internal resources, the Saudi firm said, giving no further details on its value.

IMC hired global consultancy firm PWC to conduct the financial studies as well as the due diligence, Morgan Lewis to carry out the related legal procedures, and TAHPI to finalise other market and technical measures related to the deal.

The financial impact of the deal will be realised in the company’s Q3-19 financial results.

It is worth noting that IMC’s capital amounts to SAR 750 million, of which Fitaihi Group owns a 19.25% stake.