Al Ahsa extends LoI to acquire 40% in TMC

Al Ahsa Development Co. has extended the non-binding letter of intent (LoI) that was signed in May 22 to acquire a 40 percent stake in Twareat Medical Center (TMC) for another three months, the firm said in a statement to Tadawul today.

The LoI was extended until Oct. 7 in order to finish the due diligence and financial valuation of the deal, it said.

Any significant developments will be revealed as they occur, the statement said, adding that it will be hard to expect the deal’s financial impact at the moment.