Mouwasat Medical Services Co. Announces an update on Signing a Non-Binding Memorandum of Understanding to Purchase the Full Shares of the Owners of the Al-Marasem International Hospital Company in Egypt
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of the company on Tadawul website on May 23, 2022, that it has signed a non-binding memorandum of understanding to purchase the entire shares of the owners of the Al-Marasem International Hospital Company in the Arab Republic of Egypt to be 100% owned by Mouwasat Medical Services Company in return for cash after reaching a final agreement and after the completion of the due diligence works, as well as an update announcement on Tadawul on August 22, 2022.
Mouwasat Medical Services Company announces that due to the failure to complete the due diligence work to purchase the entire shares of the owners of Al Marasem International Hospital Company in the Arab Republic of Egypt due to the seller's non-commitment to implement the terms of the memorandum of understanding and its desire not to complete the transaction, it has been decided to suspend the work of the memorandum of understanding as of 3 pm on Thursday, November 24, 2022 AD, and Mouwasat Medical Services Company retaining all its legal rights against the selling party, through official channels. |
| Previous Announcement | Signing a Non-Binding Memorandum of Understanding to Purchase the Full Shares of the Owners of the Al-Marasem International Hospital Company in Egypt |
| Date of Previous Announcement on Tadawul's Website | 2022-05-23 Corresponding to 1443-10-22 |
| Percentage of fulfilled achievement | Not applicable. |
| Event's Expected Completion Date | During 2nd Quarter of 2023 |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
| Additional Information | Any financial impacts or material updates pertaining to the Memorandum of Understanding, if any, will be disclosed in due course. |
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