Riyadh – Mubasher: Al Hammadi Company for Development and Investment’s board of directors on Wednesday announced starting discussions with National Medical Care Company over a possible merger.
Al Hammadi will appoint a financial advisor to study the merger and provide a valuation, according to a statement to the Saudi Stock Exchange (Tadawul).
The development and investment firm stated that it “will seek other necessary external expertise if required for the best interest of [its] shareholders.”
It stressed that merger talks do not necessarily mean that the merger will take place. However, in the event that the merger is accepted, it will remain subject to approvals by the shareholders of the two companies added to regulatory approvals.
Al Hammadi’s stock closed Wednesday’s session in the red, falling 1.16% to SAR 37.70, while National Medical Care’s stock dropped 4.93% to SAR 39.20.
