|11 September, 2019

Saudi Arabia's Kingdom Holding signs MoU to sell stake in Care Shield

Kingdom Investment and Development will swap its shares in Care Shield Holding Company (a closed joint-stock company) against shares in Dallah Healthcare Company and cash.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

Image used for illustrative purpose. A trader monitors stocks at a Saudi Bank in Dammam October 26, 2008.

REUTERS/Stringer

Saudi Arabian investment firm Kingdom Holding’s subsidiary Kingdom Investment and Development Company has signed a non-binding memorandum of understanding (MoU) with Dallah Healthcare to sell and buy shares in Care Shield Holding Company via share swap and cash.

Kingdom Investment and Development will swap its shares in Care Shield Holding Company (a closed joint-stock company) against shares in Dallah Healthcare Company and cash.

“The parties have agreed an initial relative valuation. The final value of the Proposed Transaction will be determined after completing the due diligence process,” a statement from Kingdom Holding said.

“The MoU shall be effective from the date it was executed between the parties and shall remain effective until 31 December 2019,” it said.

Should the parties proceed with the proposed transaction, the transaction will be subject to approval of the competent authorities, and both companies’ internal requirements.

(Writing by Gerard Aoun, editing by Seban Scaria)

(Gerard.aoun@refinitiv.com)

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