Almajed Oud signs MoU for potential acquisition of Al Safa Pharmaceuticals

Almajed Oud signed an MoU to pursue a potential acquisition of 100% of the share capital of Al Safa Pharmaceuticals

Almajed Oud Co. said it signed a memorandum of understanding (MoU) with Othman Al-Suwaih, Abdullah Al-Suwaih, and Amr Al-Suwaih to pursue a potential acquisition of 100% of the share capital of Al Safa Pharmaceuticals and Medical Supplies Co.

Under the MoU, Almajed Oud has been granted the sole and exclusive right to acquire the entire stake in the limited liability company.

In a statement to the Tadawul, the company said the MoU will be effective for six months from the signing date, with a possible extension subject to a written agreement between the parties.

The company said the financial impact of the proposed transaction cannot be determined at this stage, as the MoU relates to evaluating the deal and carrying out due diligence. It added that no related parties are involved.

Almajed Oud said any material developments related to the proposed acquisition will be disclosed in due course.