Gulf Today, Thursday, Oct 28, 2021 | Rabi Al-Awwal 21, 1443

Dallah Healthcare signs SAR 289 mln deal to buy shares representing 8.2% of International Medical Center

Dallah Healthcare Co. signed, on Oct. 27, an agreement to purchase shares representing 8.2% of capital of International Medical Center Co. (IMC) in Jeddah, for SAR 289 million, according to a bourse statement.

Transaction terms include guarantees and endorsements from sellers, and it will be funded through bank Murabaha facilitates.

The deal is part of Dallah Healthcare’s expansion strategy, which includes presence in Jeddah to support its market share in distinctive healthcare services, the statement added.

IMC owns a hospital and many specialty clinics, with a capacity of 300 beds, serving the Eastern Province. The hospital has a renowned reputation in rendering high quality services.

IMC reported a total revenue of SAR 1.2 billion annually, for the last three years, Dallah Healthcare said, adding that Abdulaziz Mohammed Al Meshaal (seller) and Abeer Mohammed Al Meashaal (seller) are related parties.

The deal will have a positive financial impact on Dallah Healthcare’s profitability through its share of profit of the targeted company and its dividends, it added.

The deal is subject to many conditions, including, but not limited to, approval of the related government entities.

Dallah Healthcare will announce any material developments related to the deal.

According to the data available with Argaam, IMC’s capital in Saudi Arabia is SAR 750 million, and it is 19.25%-owned by Fitaihi Holding Group.

Earlier this month, Fitaihi announced that IMC -- a closed joint stock company – had decided to take the necessary measures to transform into a public joint stock company in the main market.