Maharah subsidiary signs MoU to acquire stake in Care Shield Holding

Logo of Maharah Human Resources Co.

Maharah Human Resources Co. (Maharah) said its fully-owned subsidiary, Growth Avenue Co. (GAC), signed on March 10 a non-binding memorandum of understanding (MoU) with El Seif Commercial Investment Co. Ltd. and Saudi Medicare Co. Ltd. to acquire their full equity of 41.37% in Care Shield Holding Co. (Kingdom Hospital & Consulting Clinics).

In a statement to Tadawul, Maharah said El Seif Commercial and Saudi Medicare own 21.15% and 20.22%, respectively, of Care Shield Holding.

The MoU duration extends to 90 days from the date of publishing 70% of the required due diligence data.

During the MoU period, the company will conduct a full due diligence, valuation, final negotiations, sign a share purchase agreement (SPA) and apply for approvals from relevant authorities.

Final valuation will be subject to completion of due diligences, the statement noted, adding that the closing of the transaction is subject to the approval from Maharah board of directors and the sellers’ boards, along with approvals of concerned authorities, including the no-objection of the General Authority for Competition.

There are no related parties to this agreement. Further announcements will follow upon any important development.

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