Riyadh – Mubasher: Growth Avenue Investment Company, a wholly-owned subsidiary of Maharah Human Resources Company, acquired 41.36% equity in Care Shield Holding Company for SAR 307.11 million.
Maharah pointed out that 35% of the transaction was self-financed, while the remaining 65% was funded through a loan from Al Rajhi Bank, according to a recent bourse disclosure.
The General Authority of Competition (GAC) greenlighted Growth Avenue’s acquisition offer on 28 August 2022. The unit penned a deal with El Seif Commercial Investment Company Limited and Saudi Medicare Company Limited to purchase their full equity in Care Shield.
As part of Maharah’s strategy to finance its future acquisitions, the Saudi listed firm obtained a long-term loan worth SAR 200 million from Al Rajhi Bank on 27 September 2022, which followed a SAR 181.50 million facility that was secured last August.