Saudi German Health extends MoU with Sobhi Abdul Jalil Batterjee Medical Hospital

Logo of Saudi German Health

Middle East Healthcare Co. (Saudi German Health) agreed with Al Sobh New Medical Co., a related party that owns Sobhi Abdul Jalil Batterjee Medical Hospital, to extend a memorandum of understanding (MoU) to enter as an investor partner in the hospital.

The MoU extension will start from the end of the original period on Sept. 30, 2021, and expire in 90 business days.

The company explained in a statement to Tadawul today, Oct. 17, that this extension allows the completion of due diligence and other preparatory work to implement the deal agreements and other final agreements.

The firm will announce relevant developments in due course.

On Jan. 28, Saudi German Hospital signed a non-binding MoU with Sobhi Abdul Jalil Batterjee Medical Hospital in Jeddah to enter as an investor partner in the hospital in exchange for cash, according to data compiled by Argaam.

In June, MoU was extended for 90 working days.