Riyadh – Mubasher: NMC Healthcare, Saudi Arabia’s General Organization for Social Insurance (GOSI), and its investment arm Hassana Investment Company (Hassana) on Sunday announced the closing of the definitive agreements signed on 4 March to found a healthcare joint venture in the kingdom. 

The JV formed by NMC’s contribution of its five assets in Saudi Arabia and SAR 250 million ($66 million) of additional cash injection by NMC at closing, and GOSI and Hassana’s contribution of their 38.88% stake in Tadawul-listed National Medical Care Company (CARE) at a price of SAR 54 per share, NMC Healthcare said in a statement.

After closing the transaction, NMC owns a 53% stake while GOSI holds a 47% shareholding in the JV company, NMC Healthcare Saudi Arabia Company (NMC KSA), the statement said.

Under the deal, NMC will have operational control of the JV.