Al Hammadi Company for Development and Investment decided to discontinue the discussions of the potential merger with the National Medical Care Company (Care), the firm said in a bourse filing on Sunday.
The Saudi-listed company attributed its decision to the potential change in the ownership structure of Care, which is based on the non-binding agreement that has been reached between the later and Hassana Investment Company, a subsidiary of the General Organization for Social Insurance (GOSI), to enter into a private sale transaction.
“This transaction has Hassana Investment Company and GOSI swapping their ownership in the National Medical Care Company, in return for shares in NMC Saudi Arabia Healthcare, a company owned by NMC Health PLC,” the filing added.
Consequently, Al Hammadi Company saw that the objectives of the merger would be incompatible with those of the private sale transaction.
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