Lana unit acquires 50% stake in two companies for SAR 6M

Logo of Lana Medical Co.

Lana Medical Co.’s fully owned subsidiary Lana Investment Co. acquired a 50% stake in Solar Laser Systems Co. (Solar LS) and Solar Maccom Co. for SAR 6 million, the Saudi-listed firm said in a statement to Tadawul.

The acquisition will be financed from the company’s own resources, Lana said, adding that the financial impact begins as of Jan. 1, 2024, according to the terms of the acquisition agreement.

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The measures related to the acquisition and the ownership transfer were completed on July 15, the statement said, noting that there are no related parties to the deal.

In May, Lana signed a memorandum of understanding (MoU) to acquire a 50% stake in Solar LS, which specializes in the manufacture of laser devices, Argaam earlier reported