reference to the announcement of Al Hammadi Company for Development and Investment (Al Hammadi) published on Tadawul website on 11/02/1439H corresponding to 31/10/2017G regarding the signing of a Memorandum of Understanding with Medical Support Services Company (the Target) to acquire 100% equity shareholding in the Target
Al Hammadi would like to announce the signing of the Share Purchase Agreement between Al Hammadi and the Target on wednsday 14/5/1439 corresponding to 31/1/2018 for SAR 48 million. It is worth noting that there are no related parties involved in this transaction, and the acquisition will be funded using Al Hammadi internal cash flows.
The Share Purchase Agreement includes the necessary statutory, contractual arrangements and required regulatory approvals from all concerned parties, including the Ministry of Commerce and Investment, to commence the process of transferring the ownership of the shares and finalize the acquisition. The financial impact of the acquisition will show in the financial results of Q1 2018.