Al Hammadi inks share purchase agreement with Medical Support Services

Al Hammadi Company for Development and Investment (Al Hammadi) on Wednesday signed a share purchase agreement to acquire 100 percent equity ownership in Medical Support Services Company for SAR 48 million, the company said in a bourse statement on Thursday.

The share purchase agreement includes the necessary statutory, contractual arrangements and required regulatory approvals to begin the process of transferring shares and finalizing the acquisition. 

The buyout will be funded using internal cash flows, the Tadawul-listed company said, adding that the financial impact would be reflected on Q1 2018 earnings.

In October last year, Al Hammadi said the new acquisition would provide exposure to the pharmaceutical and medical supplies distribution and logistics sub-sector.

Medical Support Services Co. is mainly engaged in selling and buying medicines and medical supplies, providing marketing services, and offering medical and non-medical logistics services to hospitals and medical centers.