On June 25, 2019, the International Medical Center (IMC) signed an agreement to acquire three medical entities in Jeddah; First Modern Clinic Complex, The One-Day Surgery Unit (Tadawi), and the First Radiology Center, which represents 100% of the capital of each of the three companies: First Modern Clinic Complex Co. Ltd., Kifat Tidawi Medical Center and First Radiology Center.

The International Medical Center (IBC) has appointed PWC Financial Advisors to undertake the due diligence financial studies, Morgan Lewis to conduct the due diligence legal studies of the transaction, and TAHPI to execute the due diligence of market and technical studies.

The acquisition is a part of the plans of IMC to expand and acquire health care concepts and align itself with the strategic objectives of the National Transition Program. The acquisition will be financed by the resources of the IMC.

The International Medical Center has become part of the Mayo Clinic Health Care Network to provide world-class healthcare and make international expertise accessible to IMC patients to save their time and travel expenses.

The International Medical Center (IMC) will undertake future development steps for these three medical facilities in terms of increasing daily operational opportunities, opening new specialized clinics, and providing additional services required based on the professional and operational experience of the International Medical Center.

The acquisition has been subject to the usual terms and it is expected to be completed within the third quarter of the Year 2019. Worth mentioning that the completion of the acquisition process is subject to the regular procedures and laws followed by the approval of the concerned authorities represented mainly in the Ministry of Health.

The acquisition is expected to be reflected on the financial results as of the third quarter of the fiscal year 2019.

It is worth mentioning that the capital of the International Medical Center is amounting to 750 million Saudi Riyals. The contribution of Fitaihi Holding Group, of 19% in the IMC, is represented by Dr. Mohamed Ahmed Hassan Fitaihi and Mrs. Maha Ahmed Hassan Fitaihi in the Board of Directors of the International Medical Center. Fitaihi Holding Group applies the Standards for Investments in Associates (as per the equity accounting method) on its investment in the International Medical Center (IMC), whereby the share of the investor company is recognized in the net profit and loss of the invested company.