Maharah completes acquiring 40% of Saudi Medical Systems ‎shares for SR426.5 mln

Reference is made to Maharah’s announcement on Tadawul website on 01 Dhul Hijjah 1443 H, corresponding to 30 June 2022 G, regarding GAC receiving the General Authority of Competition’s non-objection to complete economic concentration between Growth Avenue Investment Company (“GAC”) and Saudi Medical Systems Company (“SMS”). Maharah is pleased to announce that GAC has completed closure of the acquisition of 40% of shares in SMS on 20 Muharram 1444H, corresponding to 18 August 2022G, and payment of acquisition consideration of SR 426.5 million in cash to SMS selling shareholders. Title to acquired shares was transferred to GAC and update to shareholders register was completed at the Ministry of Commerce.

Receiving General Authority of Competition’s non-objection to complete economic concentration between Growth Avenue Investment Company and Saudi Medical Systems Company.

Additional Information:

The transaction was financed in 15% from Maharah’s own funds, and the remaining via bank loans from Alrajhi Bank and Saudi British Bank (SABB). GAC will be eligible for share in profits from 01 January 2022.