Dallah Health Services Company signed an agreement to purchase 8.2% of the capital of the International Medical Center Company, with a value of 289 million riyals.
According to Arabiya Net, Dallah said in a statement that the deal comes within its plan to own more than 25% of the International Medical Center.
The terms of the deal include taking guarantees and acknowledgments from the sellers, and it will be financed through Murabaha bank.
The company clarified that the International Medical Center is a 300-bed multi-specialty hospital and clinic complex that serves the western region and aims to provide distinguished health services. The hospital enjoys a unique position and reputation by providing patients with high quality services.
The International Medical Center Company has generated revenues of about 1.2 billion annually, for the last three years.
This deal comes within Dallah's expansion strategy, which includes presence in Jeddah, in order to enhance its market share in its distinguished medical services.
The company stated that the expected impact of the deal will be positive and enhance profitability through its share of the target company's profits and its share of cash dividends.
This plan is subject to a number of factors, including obtaining the approval of the competent government authorities, and Dallah Health Services will announce any material developments related to this matter.
