Mouwasat completes 51% stake acquisition of Jeddah Doctors

Reuters Images/Faisal Al Nasser

The two entities penned the final share purchase agreement last June, under which Jeddah Doctors was required to increase its capital for the transaction

Staff Writer, Mubasher

October 4, 2022

PHOTO

Riyadh – Mouwasat Medical Services Company has acquired 51% equity in Jeddah Doctors Company, which owns a hospital under construction at a total value of SAR 102 million.

The two entities penned the final share purchase agreement (SPA) last June, under which Jeddah Doctors was required to increase its capital for the transaction, according to a recent bourse filing.

Moreover, the Tadawul-listed firm pointed out that the acquisition will reflect on its financial results in the third quarter (Q3) of 2022.

During the first half (H1) of 2022, Mouwasat posted a 1.09% rise in net profit after Zakat and tax to SAR 291.69 million, versus SAR 288.54 million in H1-21. Revenues amounted to SAR 1.12 billion in H1-22, up 6.03% year-on-year (YoY) from SAR 1.06 billion.

Source:Mubasher

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.