Al-Ahsa Development’s board approves share purchase from partner

Al Ahsa Development Company(ADC) announces the approval by the Board of Directors on 01/10/2012 for signing of Memorandum of Understanding(MOU) with one of the Partners of Al-Ahsa Medical Services Co.(AMSC) (a limited liability company); it is affiliated company of Al-Ahsa Development Co. presently owns 30.1% of shares.
The subject of the MOU is to continue in good faith in the negotiation process on purchase of shares of AMSC partner by the ADC; and to determine their fair value as may be agreed by both parties and for the completion of this process systematically, according to the law and regulation adopted in the Kingdom of Saudi Arabia.
The period of MOU is 30 days, end of 31.10.2012.
And, as both parties reach to finalization and upon signing a Contract; all details will be announced, about its value, source of funding, special conditions of sales & purchase contract, waivers and Parties acceptance of all its clauses.