Tibbiyah signs MoU with Al-Hammad Medical for potential acquisition

Arabian International Healthcare Holding Co. (Tibbiyah) signed on July 19 a non-binding memorandum of understanding (MoU) with Al-Hammad Medical Services Co. for the potential acquisition of 100% of Al-Hammad’s shares.

The MoU will enter into force from its signing date and extend for a period of 180 days until the completion of the signing of the final acquisition agreement (whichever is earlier), Tibbiyah said in a statement to Tadawul.

The period is extendable for other periods according to a written understanding to be agreed upon between the two parties.

No financial advisor has been appointed yet, the company stated, adding that 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, in line with all approved and applicable legal and regulatory procedures.

Established in 1987, Al-Hammad Medical Services is a Saudi limited liability company providing medical services in Saudi Arabia. It also offers the latest technologies in the field of medical devices, supplies, and comprehensive medical project services.

Source : Argaam