Al Hammadi Company for Development and Investment Al Hammadi announces the signing of a Memorandum of Understanding (MOU) on 10/2/1439 corresponding to 30/10/2017 with Medical Support Services Company (the Target Company) to explore the opportunity for Al Hammadi to acquire 100% shareholding in the Target Company. It is important to note that Al Hammadi Company and its Board of Directors have no direct interest in this transaction. The transaction, including the final price, is subject to the outcome of the financial, legal due diligence, and any other studies which Al Hammadi considers relevant to the transaction, as well as any required regulatory approvals.
The term of the MOU is two (2) months from the date of signing the MOU and will end on 30/12/2017. The MoU term is subject to extension with a mutual written agreement between both the parties. It is worth mentioning that the main activity of the Target Company is to sell and buy medicines and medical supplies; provide marketing services; and provide medical and non-medical logistics services to hospitals and medical centers (i.e. telemedicine, medical and non-medical maintenance services, catering and laundry services). The acquisition is in line with Al Hammadi’s growth plans and will enable it to benefit from enhancing its existing logistics infrastructure to support three hospitals and on the other hand provides exposure to a high growth potential pharmaceutical and medical supplies distributions and logistics sub sector within the healthcare space. Al-Hammadi will announce any further developments related to the transaction.