One of Mouwasat Medical Services Co.’s hospitals
Mouwasat Medical Services Co. announced suspending the memorandum of understanding (MoU) previously signed to fully acquire Egypt’s Al-Marasem International Hospital Co.
This decision came due to the failure to complete the deal’s due diligence as a result of the seller side’s non-commitment to implement the MoU’s terms and its desire to terminate the transaction, according to a Tadawul statement.
The MoU will be suspended as of 3 pm today, Nov. 24, Mouwasat said, adding that it will retain all its legal rights against the selling party through official channels.
Any financial impact or material updates pertaining to the MoU, if any, will be disclosed in due course, it noted.
In May, Mouwasat entered into a non-binding MoU to take over Egypt-based Al-Marasem International Hospital, a limited joint-stock company, to be 100%-owned by Mouwasat. A final agreement would have been reached in cash, following the completion of the required due diligence, showed Argaam's data.
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