Dallah Healthcare signs non-binding MoU with KUN Investment for IMC share swap

Dallah Hospital

Dallah Healthcare Co. signed today, Jan. 25, a non-binding memorandum of understanding with KUN Investment Holding Co. for the sale and purchase of shares, representing 18.98% of International Medical Center Co. (IMC), by way of a share swap, according to a bourse filing.

The MoU is related to the swapping of shares in International Medical Center Co. held by KUN Investment in exchange for the issuance of new shares in the company by way of capital increase.

The final value of the proposed transaction will be determined upon completing the final valuation, the statement noted.

The MoU will be effective as of today until Sept. 30, 2022, unless otherwise agreed by the parties in writing.

Dallah appointed AlJazira Capital as its financial advisor for the proposed transaction.

The proposed transaction is subject to the satisfactory completion of financial, tax and legal due diligence.

It is also subject to obtaining the regulatory approvals of the competent authorities and the approval of the company's extraordinary general assembly.

The announcement does not mean that the proposed transaction will be agreed between the parties, Dallah said.

Any developments regarding the proposed acquisition will be announced in due course.

In October 2021, Dallah Healthcare signed an agreement to purchase shares, representing 8.2% of capital of IMC in Jeddah, for SAR 289 million.

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

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