Mouwasat signs final agreement to buy 51% of Jeddah Doctors for SAR 102 mln

A Mouwasat Medical Services hospital

Mouwasat Medical Services Co. signed the final agreement to purchase 51% shares, including management and operation, in Jeddah Doctors Co., at a value of SAR 102 million, according to a bourse statement.

Jeddah Doctors owns the under-construction Jeddah Doctors Hospital.

Due diligence and the signing of the shareholding and purchase agreement is fully complete, and the agreement is expected to materialize by Q3 2022.

Jeddah Doctors will carry out the statutory requirements for approval of raising its capital and entering a new partner, the statement noted, adding that any substantial update will be announced in due course.

In April, Mouwasat entered into a non-binding memorandum of understanding (MoU) to buy 51% of Jeddah Doctors Co., a Saudi closed joint stock company, after a final agreement in cash and following the completion of the due diligence process, Argaam reported.

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