Miahona signs SAR 95M deal to acquire SHAS Water

Miahona seeks to expand its water distribution footprint in Riyadh through the acquisition of SHAS Water

Miahona Co. signed a share purchase agreement to acquire 100% of SHAS Water Co. Ltd., including the company's stakes in its subsidiaries, Miahona said in a statement to Tadawul.

The deal is valued at SAR 95.01 million and may rise to a maximum of SAR 102.71 million if SHAS meets specified financial targets based on its audited financial statements for the fiscal year ending in 2025.

Miahona said the seller is Al Manhal Water Factory Co. Ltd., a subsidiary of Nestle Waters. The acquisition will be funded through the company's internal resources and available financing facilities.

Founded in 1998, SHAS owns and operates water facilities in Riyadh and provides water distribution services through both networked and non-networked infrastructure.

Miahona said the agreement includes customary terms, conditions, and warranties and remains subject to obtaining the required regulatory approvals.

The company expects the acquisition to support its growth strategy in Riyadh's water distribution market across various customer segments and strengthen its position in industrial water services.

It also expects the transaction to bolster its role as a water services provider in industrial cities, generate operational synergies, support future growth opportunities, and contribute to business development.

Miahona said the acquisition is expected to expand its water distribution business in Riyadh across all customer categories and increase its presence in the industrial sector, with a positive impact on operational efficiency and financial performance.

SHAS reported revenue of SAR 46.52 million in 2023, rising to SAR 49.14 million in 2024, according to the statement. Audited financial statements for 2025 are not yet available.

Miahona said the transaction aligns with its strategy to expand water distribution operations in Riyadh and serve customers in the commercial, residential and industrial sectors.

The company said signing the agreement does not complete the acquisition, which remains subject to approval from the General Authority for Competition and any other relevant regulatory clearances.

Miahona said it will disclose any material developments and announce the completion of the transaction in due course..