Maharah Human Resources Company (“Maharah”) announces the latest updates regarding the singing of a non-binding MOU between its 100% owned subsidiary - Growth Avenue Investment Company (“GAC") – and shareholders of Saudi Medical Systems Company (“SMS”) to acquire 40% of their shares in SMS.

21 August 2022 08:39 AM

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Element List	Explanation
Introduction	Reference is made to Maharah's announcement on Tadawul website on 01 Dhul Hijjah 1443 H, corresponding to 30 June 2022 G, regarding GAC receiving the General Authority of Competition’s non-objection to complete economic concentration between Growth Avenue Investment Company (“GAC") and Saudi Medical Systems Company (“SMS”). Maharah is pleased to announce that GAC has completed closure of the acquisition of 40% of shares in SMS on 20 Muharram 1444H, corresponding to 18 August 2022G, and payment of acquisition consideration of SR 426.5 million in cash to SMS selling shareholders. Title to acquired shares was transferred to GAC and update to shareholders register was completed at the Ministry of Commerce.
Previous Announcement	Receiving General Authority of Competition’s non-objection to complete economic concentration between Growth Avenue Investment Company and Saudi Medical Systems Company.
Date of Previous Announcement on Tadawul's Website	2022-06-30 Corresponding to 1443-12-01
Percentage of fulfilled achievement	100% of the acquisition process
Event's Expected Completion Date	NA
Reasons for Exceeding the Announced End Date	NA
The costs associated with the event, and if they have changed or not with indication of the reasons.	NA
Impact of the Delay on the Company's Financial Results	NA
Additional Information	The transaction was financed in 15% from Maharah’s own funds, and the remaining via bank loans from Alrajhi Bank and Saudi British Bank (SABB). GAC will be eligible for share in profits from 01 January 2022.

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