Maharah Human Resources Company (“Maharah”) announces the latest updates on signing a non-binding MOU between its 100% owned subsidiary - Growth Avenue Investment Company (“buyer”) - and El Seif Commercial Investment Company Limited and Saudi Medicare Company Limited (“Sellers”) to acquire Sellers full equity in Care Shield Holding Company Ltd. (Kingdom Hospital & the Consulting Clinics)
Reference is made to Maharah's announcements on Tadawul website related to the signing a non-binding MOU between its 100% owned subsidiary - Growth Avenue Investment Company (“buyer”) - and El Seif Commercial Investment Company Limited and Saudi Medicare Company Limited (“Sellers”) to acquire Sellers full equity of 41.36% in Care Shield Holding Company Ltd. (Kingdom Hospital & the Consulting Clinics), and reference to Maharah’s announcement on Tadawul website on 01 Safar 1444 H, corresponding to 28 August 2022 G, regarding receiving a certificate of "no obligation to report" from the General Authority of Competition with regards to the economic concentration, Maharah is pleased to announce that Growth Avenue Investment Company has completed closure of the acquisition of 41.36% of shares in Care Shield Holding Company Ltd. (Kingdom Hospital & the Consulting Clinics) on 1 Rabi Alawal 1444H, corresponding to 27 September 2022G, and payment of acquisition consideration of SR 307.11 million paid in cash to the selling shareholders. Title to acquired shares was transferred to the buyer.
Previous Announcement
Receiving a certificate of "no obligation to report" from the General Authority of Competition with regards to the acquisition transaction.
Date of Previous Announcement on Tadawul's Website
2022-08-28 Corresponding to 1444-02-01
Percentage of fulfilled achievement
100% of the acquisition transaction
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 35% from Maharah’s own funds, and the remaining via bank loan from Alrajhi Bank. Growth Avenues Investment Company will be eligible for the share in profits from 01 January 2022.
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