Mubasher: Dallah Healthcare Company signed a Memorandum of Understanding (MoU) with Makkah Medical Center Company to acquire a majority stake in the later.

The final value of the transaction will be determined based on the results of due diligence reviews as agreed upon by the two parties.

The MoU is effective until 30 June 2020, according to a statement to the Saudi Stock Exchange (Tadawul).

The final value of the transaction will be paid in cash based on due diligence results.

Moreover, the proposed transaction is subject to the satisfactory completion of financial, tax, legal and commercial due diligence.

Dallah Healthcare Company currently owns a 7.5% stake in Makkah Medical Center Company.

This is part of an expansion plan and supporting its market standing in providing premium medical services.

Further announcements on relevant developments will be made in due course.