Al Ahsa extends MoU to buy Al Salam until Aug. 28

27/05/2019 Argaam

 

Al Ahsa Development Co. (ADC) has extended a binding memorandum of understanding (MoU) to buy out Al Salam Medical Services Co. for 90 days until Aug. 28, 2019.

 

The preliminary agreement was extended by Al Ahsa to complete the required paperwork, the company said in a bourse statement on Monday.

 

No financial impact is expected from the deal extension, the statement added.

 

In March 2019, ADC signed an agreement to acquire a 100 percent stake in Al Salam Medical for a total value of SAR 250 million under a share swap deal, Argaam reported.

 

Al Ahsa will hike its capital by 51 percent to SAR 740 million from SAR 490 million

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