Care inks MoU with SmartMed to acquire 100% of Jiwar Medical capital

Logo of National Medical Care Co. (Care)

National Medical Care Co. (Care) signed a non-binding memorandum of understanding (MoU) with SmartMed Co. to purchase a 100% stake in Jiwar Medical Services Co. for cash, according to a bourse filing.

The MoU will be effective from the implementation date and will be terminated in these two cases, whichever occurs first: If Care decides to withdraw from the deal at any time with an immediate effect through a written notice to the seller or if both parties sign a share purchase deal and the other final agreements.

The non-binding MoU will be automatically expired if the share purchase deal is not signed by both parties on, or ahead of the date, which falls six months after signing the MoU, unless otherwise provided by both parties in writing.

The deal will be settled in cash, and the final value will be determined based on the results of the due diligence review as agreed upon by both parties.

The deal is subject to the approval of the competent authorities, and any related developments will be announced in due course.

Care appointed GIB Capital as financial advisor for the proposed deal and will reveal the relevant financial impact after finalizing all legal procedures.

The deal included no related parties, the statement added.

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