Maharah Subsidiary Acquires 85%, in Alshifa Al-Arabiya Medical

Maharah Human Resources Company announced on Tuesday that its subsidiary (Growth Avenue Investment Company) that is owned 100% by Maharah had signed a Memorandum of Understanding for a period of 6 months to acquire an 85% in Alshifa Al Arabia Medical Company.

Alshifa Al Arabia Medical is specialized in home health care services and medical centers operating.

Maharah said in a statement on Saudi Exchange website that major terms in the Memorandum is the completion of financial and legal due diligence and obtaining required approvals.

“The actions to be taken by the company during the memorandum’s duration will include the conduct of full due diligence, valuation, final negotiations, signing a share purchase and selling agreement, and applying for approvals from relevant bodies.” the statement read.

It also added that “Any binding agreement for the acquisition is subject to Board of Directors approval, and other relevant legal approvals.”

Further announcement will follow once there are essential developments related to the acquisition, according to the statement.