Mouwasat signs non-binding MoU to buy 51% of Jeddah Doctors

A Mouwasat Medical Services hospital

Mouwasat Medical Services Co. entered into a non-binding memorandum of understanding (MoU) to buy 51% of Jeddah Doctors Co., a Saudi closed joint stock company, which owns an under-construction hospital named Jeddah Doctors Hospital.  

In a statement to Tadawul, the company said Jeddah Doctors will be 51% owned by Mouwasat after a final agreement in cash and following the completion of the due diligence process.  

The MoU is valid for 90 renewable working days from the signing date. 

The memorandum aims to define the framework of understanding on the initial mutual obligations and rights between the parties regarding the procurement process. The parties also agreed to determine the value of the transaction after the completion of the due diligence work.

The financial impact on the company's financial results will appear after the transaction is completed, the statement said, adding that any further developments will be announced in due course.

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