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Saudi Arabia’s Lana Medical Co has signed an MOU to buy a 50% stake in Solar Laser Systems, a manufacturer of educational, military, industrial and medical lasers based in Belarus.
A statement by Lana to the Saudi Stock Exchange Tadawul said the Belarussian company has been manufacturing lasers for 30 years.
Lana has been working as an agent for the Minsk-based company in the kingdom since 2015, the statement added.
“The goal of the acquisition is to transfer industry and technologies to the kingdom of Saudi Arabia in line with the Saudi Vision 2030,” the company said in a bourse filing.
The potential acquisition, which is to be funded by Lana equity, is subject to a three-month MOU which will end with the signing of a binding agreement if the transaction goes ahead, the statement concluded.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)
