Miahona finalizes acquisition of Shas Water for SAR 95M

Logo of Miahona Co.

Miahona Co. finalized the full acquisition of Shas Water Services Co. following the satisfaction of all conditions precedent under the sale & purchase (SPA) agreement.

In a statement to Tadawul, the company explained that a consideration of SAR 95.01 million will be paid as agreed in the SPA. An additional earn-out amount of up to SAR 7.7 million will be paid, based on actual performance of Shas Water and its affiliates, as agreed in the SPA.

Upon completion of the transaction, Shas Water has become a wholly owned subsidiary of Miahona.

The company also noted that the transaction comes in line with its strategy to expand its water distribution business in Riyadh, serving commercial, residential and industrial customers.

The transaction is expected to enhance Miahona’s positioning as a water service provider within the industrial cities.

According to the company, the transaction is expected to create operational synergies and upsides in relation to prospective new business development opportunities.

The financial impact on the company's financial statements will appear starting from Q4 2026.

Miahona further reaffirmed its commitment to implementing its growth and expansion strategy across its business segments and supporting the achievement of sustainable long-term returns for shareholders.

In June, the company had signed a sale and purchase agreement to fully acquire Shas Water, including its ownership in subsidiaries, for SAR 95.01 million, with the consideration potentially rising to a maximum of SAR 102.71 million, according to Argaam data.

Miahona announced in September the General Authority for Competition (GAC) issued no-objection on for completing the economic concentration transaction to fully acquire Shas Water, as part of the regulatory procedures required to complete the deal.