Maharah says GAC acquires 41.36% of Care Shield for SAR 307.1 mln

28/09/2022 Argaam
Logo ofMaharah Human Resources Co.

Logo of Maharah Human Resources Co.


Maharah Human Resources Co.’s fully owned subsidiary, Growth Avenue Co. (GAC), closed on Sept. 27 the acquisition of a 41.36% stake in Care Shield Holding Company Ltd. (Kingdom Hospital & Consulting Clinics), for a total consideration of SAR 307.11 million paid in cash to the selling shareholders.

 

The title to acquired shares was transferred to the buyer, Maharah said in a statement to Tadawul.

 

Acquisition Details

Deal

GAC’s acquisition of El Seif Commercial Investment Co. Ltd. and Saudi Medicare Co. Ltd.’s holdings in  Care Shield Holding Co. (Kingdom Hospital & Consulting Clinics)

Acquired Stake

41.36%

Value

SAR 307.11 mln

Parties

GAC, El Seif and Saudi Medicare Co. Ltd.

GAC Ownership

A wholly owned subsidiary of Maharah

Financing

The deal was 35% financed by the company’s resources. The remaining value was financed by a loan from Al Rajhi Bank

Achievement Percentage

100%

 

GAC will be eligible for a profit share from the acquired stake stating Jan. 1, 2022.

 

In August, Maharah said that GAC received on Aug. 25 a "no obligation to report" from the General Authority for Competition regarding the acquisition of a 41.36% stake in Care Shield, Argaam reported.

 

For More Mergers and Acquisitions

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