Jana Medical inks non-binding MoU for partial acquisition of Saudi HTC

Logo of Jana Medical Co.

Jana Medical Co. signed a non-binding memorandum of understanding (MoU) on Oct. 26, with Saudi Health Training Center LLC (Saudi HTC) for a potential partial acquisition of up to 51% of the latter’s equity.

The acquisition will be executed through issuing new shares in Jana Medical, the company said in a statement to Tadawul.

The MoU represents a preliminary, non-binding agreement outlining the parties’ intention to negotiate in good faith toward a final, binding deal. It will remain valid for 60 days from the signing date and may be extended by mutual written consent until the final agreement is concluded.

Completion of the potential transaction is subject to several conditions, including securing the necessary regulatory approvals in line with applicable rules and regulations.

Jana said the move aligns with its strategy to expand its business and strengthen its presence in the healthcare and medical support services sectors, in which Saudi HTC specializes.

The company added that there is currently no material financial impact as the MoU is non-binding, noting that no related parties are involved. It will announce any significant developments regarding the deal in due course.