Maharah subsidiary signs MOU to acquire 41.37% in Care Shield Holding Company

Maharah Human Resources Co. (“Maharah”) announces signing a non-binding MOU between its 100% owned subsidiary Growth Avenue Investment Company (“buyer”) – with El Seif Commercial Investment Company Limited and Saudi Medicare Company Limited (“Sellers”) to acquire Sellers full equity of 41.37% in Care Shield Holding Company (Kingdom Hospital & the Consulting Clinics).

Final valuation will be subject to completion of due diligences. Closing of the transaction is subject to the approval of Maharah Board of Directors, Sellers Boards of Directors and required approvals of concerned authorities, including the no-objection of the General Authority of Competition.

The company said that there are no related parties in this agreement.

“Conducting a full Due Diligence, valuation, final negotiations, signing a Share Purchase Agreement (SPA) and applying for approvals from relevant authorities” it added.

Further announcements will follow upon any important development with regards to the subject of the MOU.

Any binding agreement is subject to the approval of Maharah BoD, BoDs of the Sellers and pre-approvals from concerned authorities including the no-objection of the General Authority of Competition, it concluded.