A Subsidiary of Maharah Signs Non-binding MOU to Acquire 40% of SMS Shares

Maharah Human Resources Company (Maharah) announced on Tuesday that its 100% owned subsidiary – Growth Avenue Investment Company –signed a non-binding MOU with shareholders of Saudi Medical Systems Company (SMS) to acquire 40% of their shares in SMS. SMS is a Saudi closed joint stock company established in 1996 specialized in providing catering services to hospitals.

The company said in a statement on Tuesday on Tadawul final valuation will be subject to completion of due diligences. Closing of the transaction is subject to the approval of Maharah Board of Directors, the Sellers and the required approvals of concerned authorities, including the no-objection of the General Authority of Competition.

The company added that conducting full due diligences, valuation, final negotiations, signing a Share Purchase Agreement (SPA) and applying for approvals from relevant authorities.

It added that any binding agreement is subject to the approval of Maharah BOD, the Sellers and the approvals from concerned authorities including the no-objection of the General Authority of Competition.

This comes with announcements that will follow upon any important development with regards to the subject of the MOU, the company concluded.