Maharah signs non-binding MoU to acquire 40% of Saudi Medical Systems

Logo of Maharah Human Resources Co.

Maharah Human Resources Co.'s wholly owned subsidiary, Growth Avenue Co. (GAC), signed, on March 21, a non-binding memorandum of understanding (MoU) with shareholders of Saudi Medical Systems Co. (SMS) to acquire 40% of their shares in SMS.

The MoU is valid for 90 days and can be extended on the approval of both parties. During the MoU period, the company will conduct full due diligence, valuation, final negotiations, sign a share purchase agreement (SPA), and apply for approvals from relevant authorities.

The final valuation will be subject to the completion of due diligence. Meanwhile, the transaction's closing is subject to the approval of Maharah's board of directors, shareholders, and the required approvals of concerned authorities, including the no-objection of the General Authority of Competition.

There are no related parties, the statement noted.

Any new development regarding the MoU will be disclosed in due course.

SMS, a Saudi closed joint stock company, was established in 1996 and specializes in providing catering services to hospitals.