GAC nods to NMC Health’s 53% stake sale in Saudi Medical Care Group

30/11/2022 Argaam
logo ofNMC Healthcare

logo of NMC Healthcare

The General Authority for Competition’s (GAC) gave no objection to the economic concentration between Insurance Company for Investment Projects (one-individual company), Saudi Medical Care Group (SMG) and UAE’s NMC Healthcare.

 

The insurance firm will acquire NMC Health’s 53% stake in SMG, GAC said in a statement today, Nov. 30.

 

SMG owns 49.20% of Tadawul-listed National Medical Care Co. (Care).

 

In March 2019, the General Organization for Social Insurance (GOSI) and Hassana Investment Co. reached a final agreement to transfer their 38.88% interest in Care to SMG.

 

NMC Health and GOSI own 53% and 47% of SMG, respectively.

 

The UAE-based NMC Health, which is listed on London Stock Exchange (LSE), ollapsed in 2019, revealing that it had more than $4 billion of undisclosed borrowings, which totaled $6.6 billion.

 

For More Mergers and Acquisitions

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