Qomel signs MoU to acquire 60%-90% of Kan Medical

Qomel Co. signed on Jan. 8 a non-binding memorandum of understanding (MoU) to acquire a 60%-90% stake in Kan Medical Co., a one-person limited liability firm specialized in the manufacture of medical devices, according to a statement to Tadawul.

The move comes as part of the company's strategy to strengthen its presence in the medical devices sector, expand its business base, and capitalize on the growing opportunities in the sector, the statement added.

The final acquisition percentage will be determined following the completion of the financial valuation and the due diligence process (financial, legal, and technical), as well as the receipt of the required approvals.

The duration of the MoU is 180 days from the date of signing, renewable by mutual agreement, and there is no financial impact at present.

Any related material developments will be announced in due course.

The company indicated that the MoU does not create any obligation on Qomel if the transaction is not completed or is abandoned for any reason.

It added that the proposed acquisition is subject to the completion of financial, legal, and technical due diligence, financial valuation, and the receipt of approvals from the relevant authorities.

There are no related parties, the statement noted.