Subsidiary of Maharah completes acquisition of 41.36% of shares of Care Shield Holding

Maharah Human Resources Company (“Maharah”) announced on Wednesday that Growth Avenue Investment Company has completed closure of the acquisition of 41.36% of shares in Care Shield Holding Company Ltd. (Kingdom Hospital & the Consulting Clinics) on 27 September 2022, and payment of acquisition consideration of SR307.11 million paid in cash to the selling shareholders. The title to acquired shares was transferred to the buyer.

The acquired shares were transferred from the ownership of the selling shareholders to the ownership of the Growth Avenue Investment Company, and the shareholder register was updated with the Ministry of Commerce.

The transaction was financed with 35% from Maharah’s own funds, and the remaining via a bank loan from Alrajhi Bank. Growth Avenues Investment Company will be eligible for the share in profits from 01 January 2022.

This comes in reference to Maharah’s announcements on Tadawul website related to the signing a non-binding MOU between its 100% owned subsidiary – Growth Avenue Investment Company (“buyer”) – and El Seif Commercial Investment Company Limited and Saudi Medicare Company Limited (“Sellers”) to acquire Sellers full equity of 41.36% in Care Shield Holding Company Ltd. (Kingdom Hospital & the Consulting Clinics), and reference to Maharah’s announcement on Tadawul website on 28 August 2022, regarding receiving a certificate of “no obligation to report” from the General Authority of Competition with regards to the economic concentration,