Arab Finance: City Lab's ordinary general meeting (OGM) has approved sealing commutative contracts to acquire 50% of five medical companies via capital increases and share purchases, as per a filing  

The five firms are Egypt-based Distinguished Diagnostics, UAE-based Premium Diagnostics, Saudi Distinguished Diagnostics, and Saudi Qemat Al Mashreq Medical Care, in addition to an Egyptian clinic company.

Under the contracts, City Lab will acquire a 50% stake in Egypt-based Distinguished Diagnostics by purchasing shares worth EGP 4.414 million, while acquiring 50% of the clinic company with investments of EGP 8.5 million and a paid-up capital of EGP 17 million.

Moreover, the company’s commutative contracts with the Saudi Distinguished Diagnostics and the UAE-based Premium Diagnostics to take over 50% of each’s capital are worth SAR 14.849 million and AED 1.807 million, respectively.

This is in addition to purchasing a 50% stake in Qemat Al Mashreq Medical Care for SAR 100,000.

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